(
BUSINESS
O Equities
for
ind
nit
effort (o avert
imatic relations
t and Iceland,
ns. the NATO
U, has called for
□g between the
ters.
.* the suggest ion
A'ith Ur. Edward
rs. ll is thought
■ of NATO coun-
our u personal
i Mr. Heath and
inesson.
cks le the idea
to be Britain’s
oi to withdraw
disputed waters,
sson's reluctance
ilhout a promise
s will be with-
apa n
ration
ie * co-operation
and Japan was
; two countries
1 cutting each
This was the
to Mr. Kakuei
lapanese Prime
t his talks with
he Queen will
'unaka and his
ckingbaui Palace
? :racy
• kpv.nus. leader of
ossuves Party, has
w ‘ with a mandate
in Government in
aodtiu* follows a -
■••sident Paparin-
.itgusi that ihf
lie ‘ wuliid ho
Jeiwocratic rule..
r hits
ia
.*ir. israeJi Priou*
ised Austria of
■ X organisations a
" hy the decision
sit facilities Tor
Mrs. Meir'is 301 ns
• talks with Mr.
y, the Austrian
ige S
jtions to
. 324,000
in the- Cun-
> are running al
M.OUO »u far thus
3 to the magazine,
rch m Statistics
011 claims Guest
■ttlefolds was the
hulnr with- £13,000
£-.300 to Aims of
l £1.500 to the
; ’ . -«ue.
v h Wontner
d Mayor
’ . v, ntner. chairman of
•up of hotels and a
3e City of Loudon
to bn the new Lord
don.
I * & > ] petrol
I J and Esso whole-
2 . ricci arc going up
: gallon. The Shell
% look effect from
& £ 1 n h»- K>sn increase
r | ;,.|:-nH!iin from 111 id-
s' *• 4 «lay. Back Page
continue
upward
trend
.• EQUITIES remained cautious
ahead of details of Phase Three
policy. The recent firm under-
tone, - however, prevailed and
was reflected in the FT 30-Share
Index which recorded its
seventh successive advance with
a gain of 2.1 at 430.». In just
Union leaders cool ff 1 to n
|fpl av Oil
on Labour appeal platform
for pay restraint j^lL
study of
brick industry
By Adrian Hamilton
BY KENNETH GOODING
BY JOHN ELLIOTT , LABOUR EDITOR. Blackpool. Oct. 1 SHELL HAS decided to delay 1 BRITAIN S brick-making Indus- Mr. Jcreniv Rowe, the deputy
installation of its first platforms try is to be investigated by the chairman, pointed out last night
on the Auk and Brent Fields In Monopolies Guru mission. Sir that the 1967 PlB report on the
v ... T ' , ' T x. n . . 1 . the North Sea by a year because Geoffrey Howe. Minister lur industrv •; tressed it was
Initial moves by Labour Party leaders here to-day to try to coax the unions Of construction delays. Trade and Consumer Affairs, Important In the^ational interest
towards accepting some degree of wage restraint under a future Labour . The decision means that the announced yesterday. that the special qualities of the
fiftwrnnipnt m#»t with little mnnncp nn thp niutnintr Jav nf the. nnrtv’c Aub F,e originally- intended The Commission was also Oxford clay should be •* fully and
uoyemmeni. mei -Wltn luue response on me Opening aay 01 me party S TO start production early next formally asked yesterday to efficiently exploited ”
annual conference. ■ . >' ear * will now not begin to pro- investigate the supply of bread | n this context. London Brick.
To-day the conference avoided and he pledged the next Labour the party's new policy pro- the Brent* Field' 'north-cast of the ! an' niste ” p^^ised^m'jul^ thL Tr nrariii^rinn 0 ^OvmTlri
calling on the TUC to f nd ila Government to reform the lax grange, whose sectKo on the ShetlonSs will J le on “™ e i£™dlS reaction of Sit'T tfitSSl KSS. inter
Phase Three talks with the syslem. economy has been agreed, jointly .stream until early 1976 i^indun tirtek (v, inns , n . h :„u n . “v 0 , if.-,. -T--,
Conservative Government but Mr. Healey called for talks between the Labour leaders and ‘ The delavs 'which Follow corn role o«»r rvnt^nf'i'hi. mrii ex P uns1 ^" b >' any
hn-irrl urorninac f root Mr Uiiah with thu it nifinc -ntt , voiHUnro th.. TiTf* at th» n f . 1 R e . a £ ,a - wn, ? n . r ono w i controls 4J per cenL af the [Ota! cmne within the ambit of the
in advance OJ air. ™ me luuiiuiicu rise e* a (rortftK I ha*: nu.ru tn Hit u-ifh th. c oc " ,v ”- 7 * ...
speeebto-morrow itwas.the turn of wages and salaries if there is for very long if wages and/ 1 "**®"- . - Jf* r ^Jr. 1 S!L.t i l " j ‘“/J? i than throunh fil Sh prices,
to-dav -of Mr.' Denis Healey, the to be a convincing strategy salaries arc. moving out of line: V 88 ® w,,J^iJi ndustl ? s aHairs lhan "In view of all Hus. we have
“shadow” Chancell nr of the against inflation" witn the growth of productivity." partnership is plannm* to with pricing policies. nolhing to fear From Iho present
Exchequer, to launch the con-
ference towards the next elec-
tion in a speech which criticised
the Government and then said:
Wage policy
Thg absence of any mention of instal a second platform soon
positive wage restraint has led after the Oral and should be|
to considerable criticism of thej af>le to achieve a more rapid j
On the turn
nothing to Tear From the present
investigation and arc confident
that the company's efforts over
the years to increase the pro-
r weather
in. dry first week,
I have Mime wet
ly. m the south,
o i hr long-range
jcutt. Temperatures
oiu ,-ibovo average in
murh above average
rage 12
olHh cut-price petrol
luunsis from next
St- B
•*ra. chairman uf the
it Board, has entered
.pita I for an extensive
age 12
nnr wilt open the
• j» Earls Court on
..JW nuns ■
21 GOLD HIS '
, 1
MAY JUN JUL AUG SEPQ
over a month the Index has
rallied 25.7 from its rf low” for
the year of 404JL South African
gold shares retreated in the
face of a lower bullion- price
with Gold Mines Index dipping
7.2 to 14^8.6 — a fail of 27 per
cent, from its all -time “high" of
2U3.fi recorded on July 6.
• GILTS showed - a general
improvement with Longs gain-
ing up to Mediums up to j.
• GOLD lost $2.25 to $97.75.
• STERLING weighted depre*
. ciatiou from Smithsonian pari-
ties w as 19. fi< per cent. (19.42).
Against tile/ dollar, the pound
gained 1 0 points af $2.4 145.
• WALL STREET closed 1.73
up at 948.83.
• KT. COMMODITIES Index
fell sharply to 183.57 against
last. Fridays 187.93.
Page 33
Pay challenge
by Leyland
• BRITISH LEVL-\ND is lu
challenge m the High Court the
Pay Board interpretation or the
Pay Code. The Board ruled that
i'1.36 a week of a pay settlement
of £4 backdated to July must be
delayed until next month.
Back Page
• NEWSPRINT producers in Ihe
UJv. are being invited to talks at
the Department of Trade and
Industry on the difficult supply
position caused partly by falling
home production: National and
provincial • newspapers .have
already had !u reduce paging.
Back Page
m RYTON group of companies
invited the Department of Trade
and Industry — as its principal
creditor— -l * i appoint a Receiver
or take other suitable action to
try to save 1.000 jnbs. After ^i
week-end of talks at Newcastle-
upon-Tyne. regional "DTI officials
promised a f urther statement.
m METAL BOX' is to spend
£8 75m. on four new production
lines at Wcsthougbton. Lanca-
shire. rapable of turning . out
600m. beverage cans a year.
Page 19
• LIBYA is pressing for a direct
supply agreement with the
French and West German
Governments iu an attempt to
outflank the Western oil
companies.
Bark Page
COMPANIES
• ANOTHER record year is
fiiivcusi by Mr. A. X Stockdale.
cliiiituinn or Associated Dairies,
despite thu enforced curtailment
of the capital development pro-
gram mo. .
Lex and Pago 27
• C.REENSITT AND BARRATT
report*, pre-tax profit £5.63ui.
(£2.61m ) and propujes to give
sli.iiviiotiiers a choice of receiv-
ing a final dividend of 3.337p in
cash or shares.
Lex and Page 26
the Government and then said: There was no great ‘rush to P 01 *^ Pnwnmme and several "^i^an^Dtannrfl" ° UtPUL **“"!. J in5in S ° f ^ move took the ducUon and sale of fiction bricks
“The battle begins here in this the speakers' rostrum bv union moderate union leaders agree originally planned. industry by surprise— the brick will be shown to have been very
- e - s - nere . in Tn,s ine speakers rostrum oy union , v . o — Commenting on its decision supply situation now seems to much in the public interest"
hall this week— let us make sure leadersto back this line The wilh the views of Mr. Prentice Commenting on its decision SU ppiy situation now seems to much in the public interest"
we win h" o£v Soroit ewe from Mr Tom ^d others that wbat Mr. Jack- yesterday. Shell, as operator for be 0D the turn> yoing inl0 one of Reaction by the stock market
Listing Labour's tax proposals. j&*on^of ӣ* Post "cSce son described to-day as a ,h e 5 h ^!l /Es i 0 t Pf rtDe . rshl P- surplus before long. to the reference and the com-
■he said S the pgrty would intro- Workers, who hit out at the " yawning gap ” should be filled. £ Brick makers feel that the in ; pany s statement uras cautious,
duce a higher rate of. tax. on creed of many Left Wingers Mr. Hugh Scanlon, however, 2»h2 ? uir |' - 1S part °, £ a Package the ^hare* I being dow-n .p
luxuries and reduce it on essen- when he said one “can’t build put the opposing Left-wing rigid .» P rojects of involving seveial aspects of the to60p. the lowest level this year,
rials for ordinarj' families. Socialism on free collective bar- line when lie said: “We reject Jt tn h0 “ sl “S. scene - Tx -° .
It would raise income-tax an gaining." utterly any attempt by this or any Cert ?j inly ^ Government is sigmficant mteres^Butterlej.
the better-off to help hundreds Speaking partly as a union other Government to freeze teJHX®2 SS? curre ? tly f subjecting various the Hmsoh Treat ^sidwry
of thousands of families caught leader in tbe pubiic sector, which wages. Similarly, we reject any “P ec Js of the housebuilding w hich has around 5 per cent,
in the poverty trap. Later, he Traditionally fares worst from so-called incomes policy that “M. . of f Jl e 8160 industry, to close scrutiny. The of the market, and RedlMd, wth
said, this could mean a higher proposed pav restraint, but also directly interferes with the prin- specified for the «nrk. Monopolies Commission Is about 3.5 per cent^oth mam-
lax rate for people earning £4,000 with the. feeling that wage poli- ciple of free collective bargain- alreadyinvestigatingthe supply tamed last night they had still
a vear and ^hnvp ehonld h«* an ewntial narr in« ■’ of both platforms are oemg built of plasterboard, a product m even to be formally notified of the
- w, jJSf-.. introduce a SliSSS ». In thte situation. partj- •&.*• reference. “Until «e can see
tav nn wwaith" Mr HmIw rniri .inrkcm for nncirivo t.ifr. ^ . ^ aidiary at MetbiL ui Scotland. Nobody in the industry, which what It is all about it is difficult
tax on wealth." Mr. Healey told Jackson called for positive talks
the conference. “We shall -turn with the TUC.
the estate duty into a veal tax." Behind tn-duy's debates stood
' Continued on Back Page
Conference Report Page 16
Signs of slower rise in
consumer
BY WILLIAM KEEGAN, ECONOMICS CORRESPONDENT
. .by the British Steel RDL sub- shorter supplv than bricks. reference. “Until we can see
sidiary at MethiL in Scotland. | Nobody in the industry, which v.>hat it is all about it is difficult
In the case of the Auk plat- is particularly fragmented, to comment." said Mr. Colin
form, which is scheduled to be semed surprised that the invests Co mess. Redland’s managing
installed next spring, une major ( gation was not confined to the director,
problem has been the quality of i London Brick Company. This wditnrin! Comment Pai?e 24
the steel as originally specified | group has always been particu- ^ S*
by Shell. i larly careful about its monopoly . Z™ ,0 “*
On the Brent A platform, situation and canic through two “it* dominant brick Page la
whose installation has been Prices and Incomes Board in-
* delayed until spring, 1975. a vestigations— the latest in 1970 £ in New York
i major difficulty is thought to have —with some credit.
I been the lateness in delivery of London Brick controls 06 per - ummU'i t . i*w. ii -i ■
some of the structural parts sub-, cent 0 f the '* flettor." brick pro-
1 contracted u> companies in Xhe j ducti«n in the L'.K. (these, are — i,.
j 17.K. and on me Lonncent. made from Oxford blue clay and i„. u „i, ( b/iW* <u- "i.-
I Consiructinn . of the two r*«aM much cheaper tn piouuce than ju-huip
i forms may not be delayed by a | other tvpesi. iaui..in;w a.Ki-9.fo .n- 1 3 .i?-9.up .h.
I r.. VI lt«i> UAAfineii A P fViri !
SV.ill.- sii:
9 .TO- 0 .* < 11 - w.iL-i'.i 7 -Ii-
-lis 1 2 L 7 V 2 .W .IK
3 Kl- 9 .rO . 11 - l 3 . 16 - 9 .UP .il«
full year but., because of the
Z' a cumulative increase in value difficulties of installin’ the
-' terms of 13.6 per cent, from the structures on the seabed during ATiirn nAftrc*
!»eainain? of 1973 up to Septero- She' 1 has in each ON OTHER PAGES
' her 22 taburc the corresponding! case decided not to chance the
C period last year!, compared with}*™* 5Slliwin”«nriiiff 0 W3H 1
' a ^ ? r «o«. rise if* the earlier un iV lk l ^,uipj| 0 ^lg" ro”have been 30-31 SE Dealings aod Sutrstics ...
period to Ihe first week of Julv. ; Auk. wnicn was to nave neen dairy industry- 34-«a suck excihrsc Rciwt
Retail sales account for about bne of the nrst fields to come on AiMwiPmcni* JU Theatres and Cinemas
uJir ..F "rSL!,7„J I stream in the U K. North Sea. is Apprimmenis Advrrt« ins u. 22 .® n» Technical Paw
_ half Of consumer spending, and Ar., and Entertainments J TwlM-t EfCMi
a slowdown in the rate of ,°)Tected to p^duce at J rate Bailk Bas8 Ral « « tv aid Rm»
increase is an imnartant asoect l0 ‘ ground 40.000 barrels per da>. t Company News 26-29 wall Smiei & Overseas Markets
- of £ GoiUm P S oS Brent, which lies in water of Crwwom a weaihcr Report
of the Lovernmems overall 480 f north-east of the *«* cutjv »« w»r« a worw Trade New
_ economic Strategy. ^ Farm log and Raw MaieHals .. 33 World Value of Ohs Pound
-■ In view of ihe previous rale I SntJTlailClS. IS expected exentuaiij Foreign Exchanges 42 For latest share index phouc a
of increase and the level sales lu P roduce °P t0 300.000 barrels ^-Acwarie; Share indices ...
Ui tncreas* Alia iue u.vei ’“'vsj j frnm three nlttFnrnisj 1 FT Share information
have now reached, the critics nf • Ju?,™ n L ^oTK^he PP W IntenwUnnal company News
this straleev have been nuestinn- Thc de,a - Vs on botb ^ BP i nD »^«w ««*■
I S* 1 ! programmes mean that Lending Antrias
at all for further advances in ! ^*5 mm :Z
CONSUMER SPENDING in tbc | t . n a cumulative increase in value difficulties of installing ihe
U.F. now appears to be rising “ 0 | *7. ■ 7 terms of 13.6 per cent, from the htruenires on the seabed during
at a much slower rate lhan . r A '• iieginninc of 19?3 up to Septera-i lhe ^ nl * r * Sbel1 ha * ,n “Ch
dunng 1972 and in the early I- VWilHE OF f\ ' her 22 i above fne corresponding i casp decided not to chance the
months of this year. ,«[_ RTTAjl SALES kLX fi Period last vearl. compared with! vor . k la J e »n the year but to wait l
Thc retail sales figures for 1 - 7*“ r \ f ri6°6 pe“ ccoTri S e°in ?he e e 3 ri!er | un ^ . the h ^^i"^ n sp h r i"f; hpen Coventry
August, published yesterday, von- i J If. period to Ihe Urn week of Julv. ; Auk. which w is to nave been dairy in dustr
firm that turnover has remained K/ If Retail sales account for abom one of L he “ rsl ,, fi £ ld A t0 F 0 ™* °. n
high following the dip after ihe- > Pf .V half of consumer spending, and{^ reaT ? » n . lhe «° rt t h Sea ;,'! ISffeSa iSS
pre-VAT spending boom of the 110 ; / a slowdown in the rate of , oxpected^to produce at a rate Baa k^L» Rai»
first quarter. ■ ‘ I increase i* ao important aspect
After the 1 per cent, jump in ; J - of lht . Government's overall . **"£. w^u
retail sales volume between June • /* economic strategy .over 480 feet Dorth-east of the Farm log *aa<i Rn
and July, there was virtually no 105 /> i n ..«>«. „r ihe orevious rate Shetlands, is expected eventually Foreign Exchange
change between July and August. ' r \/ '■ - -- of^ increase and the ^ level sales l(J Produce up to 300.000 barrels FT-Aco-arie-. shar,
with S th= official index merely L : X' : : have now reached. critics of ! pi ! IntcrgaUniul Comi
(imSIimi 1109 10 160 x» r-; : ii i : brysl.-
I°" WTO tan 1972 1973 whether there is any room | , if ani j|fon Brothers with its I Letter
Slight drop down can be r «i m me SnSL? s^inJ^T* 5 ^ j
indeed, when the somewhat mSmJ" aSd Wu S S fS ST' cp Tis”' from’ 1 ' J^ortt | l 5!,rrels . t per d r a ^ Si' U SSSSS-TSSi
onmted, There MffSJi SSffJSST ^ ^ ^ ». -
in sales volume between the two cent., or only 2.4 per cent, if ° j-
Diontbk. food shops arc excluded. Prprlif hu«inpgc
The pre-PAT spending boom Comparing, the latest three V " re 011 DU S ,ness ‘iAQT XT
distorted thu official statistics so months’ experience with the Figures published yesterday vVdLllcyS J.'lO ij J\
much that il has for some time whole of the preceding five for hire-purchase and instalmenl
been difficult lo gauge the real months, including both the pre- credit business show little nCTl Tr iimflrt 1
trend of sales. At this stage, VAT spree and the reaction io change from the pattern of
however, a pattern is beginning u. the growth uf saius nai l»een earlier months. "VDrirt'hirtrrfor» 17/1/1 Pn
to emerge. at an annual rale of 2 nor vvql The total deb! outstanding lo VVUL UUUgLUXX 11**% UrLI
There was a rapid rise of 7.4 Th? change between the first finance houses and retailers rose — -tr^ar- ir
per cenL in retail sales between half of the year and the two £92tti - between June and August vJOUTage 1 1 0 /, MaTUlS IS
ihe fourth quarters of 1971 and months July-August was at an to £2.328m.. compared with a rise
1972. and the figures for the annual rate of 3 aer ten: of f 120m. in the preceding three CflrkhprD- TRd7 LTpinalri
first eight months of ibis year The genera} impression of a months. New credit extended . vycuioucx^ . LienittW
still show a growth of 6 per cent, slackening in the rate of growth b -' fica ?^ e hDlise - : TItKi-tw 1R7‘5 TTrtlrriv-v*, T3
front the corresponding period of is borne oul bv mure uo-to-date a S a|nsl £7 Mdv in lUDOrglofO, llOlStGH“J3
1972. figures from tbc Retail Disrri- March-May.
However, a definite slowing bu tors’ Associatiun. Thev reveal Editorial Comment Page 24 *v* *r a* . ^
SE Dealings and Sutrstics
Stack Exchange Repart
Theatres and Cinemas
M'nlgg Nnw:
Money Market
Overseas News
Racing .
Sale roam
4S TV end Radio 2
29 Wall Street K Overseas Markets 42
2 Weaihcr Report 48
23 World Trade Neori .... «
33 World Value of the Pound U
42 Far latest share index 'pnone 01-346 8026
5? ANNUAL STATEMENTS
,, Blackwood Morton (Holdings) 2V
Peter Brotherhood 33
M.F.I. Warehouses ... U
, Prieska Capper Mines (Ply.) .. 14
J, Ray beck Ud U
t. Rosgill Holdings . . .... 12
N Staplegreen Insurance Hldgs. .. 32
C5 INTERIM STATEMENTS
>-8 C.T.D. Resources Croup .... 4
2 Jefferson StirurfU Croup 28
12 Wctiem Brothers 3?
Watneys 1487, Kronenbourg 1664,
Ben. Thiman 1666, Whitbread 1742,
Worthington 1744, Guinness 1759, Bass 1777
Courage 1787, Manns 1808, Pilsner Urquell 1842,
Carlsberg 1847, . Heineken 1849, Ind Coope 1856,
Hiboig 1873, Holsten-Brauerei 1879, Skoll96L
CBI more hopeful on prices
policy after talk with Heath
Unfortunately, you always have
to pay a littlemore for the original.
BY HAROLD BOLTER, INDUSTRIAL CORRESPONDENT
RICE CHANCES Manhre Gorton
cnce unless oificru lie . *v Group -
indicated) XorthboroUfih lnv.
RISFS
% J9B0...£S5s
, ISUKKng £*
54
... U7
.... 1S2
: Xorlbborough lnv. ... IGu -
Stock Conversion ... 1S2 -
Wadritnglon (.1.) *8*21)2 ■
Warner (Robert) 112 ■
Wififatl (H ) 32U -
Hampton P/ 0 l«> 56 ■
FALLS ’
Bn trill Sleum ' R6 ■
GUS *A* 233 ■
Jon's'ti (II A K) Tiles 3W1 -
Mltliiews rB-l :.. I27 ■
Rdbow Holdings 74 •
BP 500 ■
..Durbbn Di*ep 520 ■
President Brand.
ttan«l Selection “13 ■
Sl Helena ,^980 ■
Stibinn lnds. fiS •
T.jra fcxuluratloD 3TS ~
Tmmi.- Cboft. 'Lapd 3iu -
*jcd. ,
trirfos
Korrioi.
-nd. Jnv^
• rut!
iddeley
Benson
27a i
ibu + u
I.lJ +’ 4
**48 + S*
lafi 4- 4J
44 +' 4
3ttl + !»-
,301 -»-■ S
155 10
HD + H
(FT (tadr-INKci* «ad FT-ACTUdHes liuntnxry P*pe 43 ).
CONFEDERATION OF British
Industry leaders left a two-hour
meelins with thc Prime Minister
last night more hopeful that thc
Government can be persuaded
lo change its present prices
policy . in order to maintain
profits, investment and economic
growth.’
Whether they have' made out
u sufficiently strong case for Mr.
1 loath to change the present
method of calculating pnee
rises, however, will not be known
until early nexi week, probably
un Monday, when the Govern-
ment produces a Green. Paper
consultative document on Phase
Three of it-- counter-inflation
policy.
After that there will he one
Iasi chance for them lo make
their point later in the week,
before the proposals become’ law.
The fundamental CBI argu-
ment that current legislation un
prires provides nn incentive to
cuwpanies lo become more
^fficjenl because any improve-
ment in productivity was
general !y confiscated by a lower-
ing uf the permitted price
increase occupied most -of yes-
terday's meeting.
Once again the OBI ream, led
by Sir Michael Giapham. ihe
president, claimed that on the
'Government's own arithmettc
ikonie companies, would have io
raise their production volume by
an impossible 29 per com. or
[more under the present rules to
maintain profits al even pre-
Phase Two levels.
This time, however, thc CBI
felt that the Prime Minister at
least understood their argument
even if. because of the political
dangers of appearmu m relax
price -controls m any way. lie
chooses to ignore ii.
■ There was a ray of hope for
the confederation jn a suicmen:
by Sir Geoffrey l!<na>. Minister
for Trade and Consumer Affairs,
after yesterday's meeting that
tbc Government accepted that
price controls in Phase Three
should not be so severe as ib
stop economic growth.
Sir Geoffrey also said that the
Prime Minister had not Snail:
decided* on the policy for prices
during Phase Th^tv> and {ha; he
would study the CBF.s arugetent.
__ The eonlederation's raj.«.-. Sir
Geoffrey pointed out. va> hy-ed
on assumptions about the effect
which various elements ;n the
price control formula would
have.
Although . the Government
iindei 'MnDd the CBl's argument it
foil that i: was difficult to
calculate that the arithmetic
nemsanly led to one eonciusion.
” Then? are many jrgun.er.Ls.
depending ori trends in :utps:L
raw materials and iabrnir irost.s."
he said ■* Any price enntro’s are
bound to lower p?ofi!«i bn: that
bus to be locked at aga.nst lac
background of - our policy on
mflattun and growl h." "
On pay. Mr. Campbell Adam-
son. thc CBI director general,
said the Confederation bad told
the Prime Minister that il
favoured straiphi percentage
increases in Phase Three, us
opposed io the £1 plus 4 per
cent, formula of Phase Two.
Ii is believed that the CBI
and the Government ho!h have
a wage norm figure of S per
cent, in mind, on to which wage
rises costing 2 per cent, more
could he built to cover such
extras as allowances for" flexi-
bility. low pay. thresholds,
cost-of-living increases and the
correction of pay anomalies.
Neither side would he drawn
on detailed figures la«r night.
Mr. Adamson emphasised that
the CBI is still basically opposed
to threshold agreements and
feels that if they must be brought
in -the system should only start
lo operate “at a high level."’
when the cost-of-living index has
risen appreciably.
The CBI team reiterated its
support fnr a return to pro-
ductivity bargaining which is
t:sh*Jv drawn and moniiored.
and fnr which extra payments
are made reiwoeciively' when
incretssed efficiency can be
preved
Finally, the Confederation lold
M* He.nh that it fell similar
arrangements should . bp made
durtnai Phase Three over pro-
gress towards equal pay, as were
made tn Phase Two.
lowenbrau
The world s most exclusive, and expensive beer;
brewed in Munich since 1383.
The Financial Times Tuesday October 2 1973
BRACKEN HOUSE, CANNON STREET, LONDON, EC4P 4BY
Wholesale distribution
{.t.— P^ rnao* I r.uy be excused
■‘T -in roponunnv to
.o-n:ner.: Mr. .Miviiaei Sian-
,'V : b : ‘ cf September “5
; rijV|1 -eg tic a cc*n? ri
i' ttv.< before.
T --’ Standards
ij*ni:vi:r a pptfar.* :o i,e at
' ;** -j?.:. - '’ w : . ttto CB1 on The
P^ar^ior. of ir.rta-
aer-oun
3r - i: present pub-
li.'tli'G 3rMi;r.-i t •, m ri\
b->ltler.< v. Y::e ; r . :* >>»o*rd seek*
i-vurate ;.?is for price
n\:i;u. e*i«.
'•■'i. 1 £ su^aei-. rb.ese g-.n-.A
;• rennet ready a: vjriaau- and.
'■ n : are complementary. .\or
-•*’ oj-'i.- idea a new one.
r My i •■-.<: atvotniants are
. Mr.iiur ■.yith j. ountinp systems
■‘»'h'ca integrate ; 'orh cost
:-ceouni.< and h t ?!• •.-!«. a i account-
:c 2 record- :n the one system.
In the I'j'I. :h.ii «yytem has
r:\--ilted ;n standard cost* tas
:de.fl co*!#i bpm» used in the
tn build up accurate costs
for price fixina while historical
eosts hate -hec-n used to prepare
published accounts for the share-
holders. The difference between
pie two system? threw out a
" ’-.trianee " analysis between
standard and historical costs
•■•■nieh has been a valuable aid
Jo management >.n pinpointing
funi-tinnal inefficiencies of
niannstfihent.
The variance analysis threw
fut such differences between
standard or ideal cost and a-.rual
<~osts as:—
Material price variances.
Material efficiency or usage
\ Ci rl j
Labour price variances.
Plant depreciation over or
ttnil-r absorption at various
levels of production and several
fiber variance*.
I suggest that :• would not he
difficult to add !*» the list of
variances, that i«
Material mil at ion variance.
Labour inflation variance.
Asset i by typei inflation
variance.
instead of writ ins of stun
variances as in the past, the
inflation balance could be carried
forward until no iooser neces-
sary »we hope» and then written
off.
This would require two addi-
tional cniiimns to the pub- * shed
accounts, that is. three in all:—
ta> Htstorieai value?.
i hi 1 n fla r ion va ria n ves.
i 1 i Inflation values.
Each asset cr.uid then be
treated on its merits as to inlla--
lion and the inflation ch arsed
against the product.
There wii; undoubtedly be
d!ifl*.ulty in settling the inflation
basts and even more difficulty
tn getting the Government to
■ici-ept inflation adjusted profits
;or tax purposes but there should
be little difficulty in rec&ntiling
costing and published account
presentation as i; has been done
for years.
The old historical basis should
be kept in published anoticTs to
remind us of the good old days
while the inflation column v. ili
tell us how near the cliff edge
v.e are.
E. \\\ Holland.
- 1 ’ P/wptvr Hill.
Douglau. is.'e of Mat:.
led to new organisations fulfill-
ing a different but equally vital
role in distribution.]
Improved by
exposure
Wholesale
distribution
Sir. — In an article entitled
“ An Era of Change for the
Wholesale Trade” m the
Financial Times Survey on
Di>lriVnmun tor September li.
1973. Antony Tborocroft makes
some extraordinary- statements
abnur the wholesaler.
He writes: ”... the traditional
role of the wholesaler has all but
disappeared in many trades, . . .
it would be foolish to think that
the future holds much hope for
the wholesaler."
These statements simply do
not give a correct picture and
cannot be allowed to pass un-
challenged. Mr. Thurncrofl's
article ia largely concerned with
the grocery business, but he has
extended his generalisations to
apply t n all wholesalers, in every
sector of the economy.
Tn fact, the wholesaler is pro-
viding a -service that is increas-
ingly important in to-day's
economic conditions where distri-
bution is jutt as important as
manufacture, in the industrial
v-rior. fur e:;:i tuple, a wholesaler
may slock a.- many a-- iu.000
different it.’ius from various
manufacturers in supply fac-
tories. contractors, local authori-
ties and other large users with
their requirements.
The distributive function is
by no means bound up with the
” cash-and-carry " development
mentioned by Mr. Thorncroft.
and wholesaling remains a thriv-
ing and essential part of the
economy in such sectors as
electrical equipment, hardware,
millinery. motor accessories,
engineering supplier, musical
Instruments. pottery and glass,
radio, stationery and office
products. floorcovering. foot-
wear. textiles, w’arches and
clocks, cycle* and motor-cycles,
jewellery and toys and fancy
goods.
■'*. H. Weinberger.
President. Federation of
Wholesale Organisations.
212. Crnpdnn Road.
Cnierliavi. Surrey.
[ Antony Thornrroft writes:
Mr. Weinberger takes a too
pessimistic view of mv com-
ments which 1 still hold to be
true. Elsewhere in the article
I mention ihe fact that the
mergers among wholesalers have
Sir. — i visited a technical ex-
hibition in London recently and
saw one of those rare gems we
arc i-nnsuip.ily searching out — a
ctear cui-awiy photograph of an
engineering component, i asked
•if i could ba\e a copy for pub-
lishing in our journal (free pub-
licity!* out was told they only
had one copy, which came over
from America specially for the
show.
“Could 1 burrow it after*
wards ? "
"Sorry, it has got to be sent
straight hac-t."
No wonder the Think Tank is
beginning to leak. Engineering
companies still tell me that a
good predict will sell itself.
May I address a message to all
publicity merchants and beseech
them to provide fewer words and
more visual information ? I have
never realiy believed That naked
girls sell boilers or oil refineries,
but engineering prodnets. like
girls, are more interesting when
partly exposed. We need cut-
away pictures or diagrams to
show the innards.
It applie:: hetween here and
Thermopylae.
If your product is good, a
monopoly.
F-ut how the hell
Do you hone to sell.
If you don't do publicity
properly ?
H. R. Heap.
Editor.
Mechanical Engineering.
Mercuru House.
Waterloo Road. London. S.E.l.
Britain and not the Germans, the a precisely similar situation
Japanese, etc.? obtains in the price of houses.
When commodities become in this if in nothing else it's
scarce because of increased just not true that we “never
world consumption and crop bad it so good " That is the raw
failures, prices naturally rise, deal to which 1 drew attention
Then, industrial countries must and which Mr. Holden chooses to
either export more or reduce gloss over by gloating over the
their standard of living. To keep “killing'’ old time owners of
it up by threshold agreements houses can make when they come
only perpetuates inflation. What la sell.
e . a ° “ Solway knows tiai beUer [ban
woJia Tdeoa to hSSfSl ’ f we 1 d °- Slj > ,re5e " 1 homii w .°“ id
could unload our external deficits ^ J h I11 [ n j r ^ D ' > " th . r ^5- '‘SJTf
on to some kind of monetary 1 “ “.i? 83 - f 8e
unioo but it would be rather Proceeds wou.o oow let me buy
premature to expect it. But how a . s hou f? in f oreiJi ° m IU ?/
can strong currencies become the original sum wouldn L
aligned with pemmoeutlv weak Bu * betau f£ Personally can
ones otherwise, unless internal ? ralle ; ls ‘ hat 15 F r f? son for
efforts are taken to make the J* 11 ®? 1 ** tbe P Ils : bt oE the >°“ n B
the many averts most of tl?e
consequences of the appalling
driving of the few, but has the
70 limit, as such, anything to
do with this?
Last. 1 think Mr. Meacock
should understand that the flash-
ing of headlights is used in
circumstances when the use of
the born is inappropriate, and
not, as he seems to think, to
insult him personally.
D. A. L. Lawrence.
Hambledcro Place,
Henley-on-Thames. Oxon.
weak stronger?
Werner Rosenmeyer.
3 Moorgate Place,
London. E.C.2.
The cost of
houses
first-time home buyer or trying
to persuade him how much
better off than his parents he
is.
Housing is positively not one
of ihe places where we never
bad it so good, and I’m
astonished tbat Mr. Holden
sbould attempt to disguise the
fact. Especially when it oeedn't
have been so.
What reduces
accidents
Perpetuating
inflation
Sir. — When the Dollar was
under pressure, earlier in the
year, one could still read about
The “serenely floating Pound.”
which kept ihe Reserves intact.
That they were being mortgaged
by borrowing abroad had not yet
sunk in.
The purpuse of floating was to
increase exports and decrease
imports. This could still happen
lo a sufficient degree, if British
manufacturer* were Ireely avail-
able in competitive quality. As
they arc not yet. we still import
loo much. EEC or no EEC.
The rise in the cost of raw
materials, of course, greatly
aggravated «ur external trade
position, but why is it always
Sir.— R. Holden (September F - Whitehouse-
25» may lack understanding of 133, Eccletfield Rood-
the point at issue, but he is cer- CTiapeHotore, Sheffield.
tainlv not short of cheek when
he goes on to. announce that ray
account of our family income
and the cost of a bouse in 1938
is “ not factually correct.”
Surely he doesn't take it that
because a relative of his had a
salary of £200 in 1931 and. had Sir.— Mr. Harold Meacock is
to pav £550 for a house in the most kind to reply to my letter
Lnndon district, that tt isn’t true (September 21) but apart from
that up here a shop floor super- his suggestion that the 70 limit
visor in a foundry could have be removed when motor-cars
£450 a year and buy a decent wings— which they already
sort of semi-detached with it. d. 13 — be docs uol ihrow much
Believe me. that salary was paid iiS bl on tbe subject,
to one with ray name and he did j merely wish to point out
buy that house— and saw it sold tJaat the protagonists of the 70
a short time ago by a later owner limit admit that it is apparently
for £S.500. doing no good, but employ self-
But it is not strictly a question contradictory arguments for re-
of who got what salary all those taining iL Among these is Mr.
years ago. Nor a question of Meacock's own contribution,
whether we should wish to go namely, that the majority of
back to those days in their people do not wish to exceed
entirety. The issue is whv have 70 m.ph. (in which case surely
w e slipped backwards so far In * b * limit it unnecessary?). If he
the matter of housing costs, has his way, presumably all-the-
Whatever his job, a man has now year-round sea-bathing, reading
to work longer at it than in the the Financial Times, and all
thirties — nr even after the war— forms of work, should also be
to earn the price of a comparable dec Jared illegal as being not
house. That's not progress and desired by the majority,
the blame lies with the Govern- The point in question ought
mcnTi to be whether a speed limit
They should have taken con- reduces accidents nr not? If
trot of the price of land when the 70 limit neither reduces
they came to power — as they accidents nor improves driving
have since been forced ro do with standards should it not be aban-
the price of other goods. There doned and some other idea
is neither justice nor sense in an tried instead? The motoring
asking price to-day of £5,000 for organisations have often asked
a building plot, when one of the for properly controlled expert-
same size was sold for £200 In ments to find out, but these have
1948. never been done.
Average incomes haven't gone I am in wholehearted agree-
up tn anything like the same ev- ment with Mr. Meacock in his
tent river the same period. And opinion that the good driving of
Cane sugar
refiners
Sir.— Douglas Sandys's letter
(September 26) sounds a timely
warning s jout the dangers of the
present EEC/U.K. sugar policy.
He does not, however, mention
the incredibly damaging situa-
tion which now threatens the
British refiners of cane sugar and
the threat to jobs in this part
of the industry.
The position given them in t&e
Common Market is much less
favourable than that of beet
sugar producers. In the negotia-
tions on sugar over the next few
months the Government should
see that cane refiners are ensured
of a reasonable margin on their
operations and that Common-
wealth cane is still imported into
Britain at the levels promised to
Commonwealth producers.
It is astonishing that the
Government appears to be pro-
tecting a state-controlled
organisation like the British
Sugar Corporation while under-
mining the private sector
organisations. There are fears
tbat the Government is thinking
of a single organisation for
sugar but it is surely tn the con-
sumers' interest that the beet
monopoly should be broken up
and greater competition intro-
duced.
J. Levoy.
Field Cottage.
Haverstock Hill.
London. N.W.3.
that raising tbe school leaving
age was probably the major con-
tributory factor to the problems
being experienced to-day. There
are many people Woo believe
that the £144m. would have been
better spent in giving teachers a
reasonable living wage.
Mr. St. John Stevas is betas
naive if he believes that forcing
all children to stay school
until they are 16 years of ago i*
for their benefit. H**s it ever
occurred to him. and the others
who brought in this legislator!,
that young people who have
reached 15 years of age and who
have shown little inclination
toward learning academic sub-
jects are unlikely to muke any
improvement by being made to
stay on at school for a further
year. To the contrary-, they are
likely to be unruly and create
the disciplinary problem spoken
about by so many teachers.
There is no doubt that they con-
tribute to the shortage of
teachers and overcrowded
schools.
What is the alternative? In-
dustry is in desperate need of
skilled people. Many enlightened
firms offer production training
facilities for young men as well
as the traditional apprentice-
ships. Would it not be better
by means of srants to encourage
industry to extend this training?
Young people" will he trained
for their future and earning a
wage at the same time. They
will no longer fee! frustrated
by an additional wasted year at
school. In industry, there are
many skilled training officers.
From experience I know they
will not hesitate to encourage
the young person who has
bidden talents not hitherto
shown in nis school work. Those
youngsters who have the ability
to take advantage of further
education should be encouraged
to undertake courses allied to
tbe training they are undertak-
ing.
L. S. Cook.
5, Court Drive.
Hillingdon, Middlesex.
become another form of run
Extra coupons were g»v*.-n
senior people; extra c-», U |
were- given for a j-.»b espec:
weii done; extra coupons ■.
given to those deemed nece*
•o meet Westerners
could have higher qujht;. t
mg: extra coupons were gin-:
snecia! rewards. Thus,
coupon srem fasts and bevo
simply anuiher form i>t
It is paradoxical that ?e._. i
is drifting towards ir.nrt *,r.
; snt and inure control* tvhvn
countries which hav*- t,-i t .£j
extreme m controls a,-!.- fuua
delilivt-aioly ;• wards j.
mere freedom :f not Vaw
capitalism.
Hugh Mnnro.
Foxbounrc. Lake Road,
Wentu-arrh, Surrey
Futility of
Overcrowded P r *^ e con ^?^
schools
Sir.— On September 21 I saw
the I TV's “ To-night ” pro-
gramme where one of the sub-
jects discussed was the problem
of overcrowded schools, shortage
of teachers and discipline. Mr-
St. John Stevas made the point
that “raising the school leaving
age to 16 years was one of the
great social reforms of recent
years.” He went on to say that
** £144m. had Seen put aside by
the Government for this pur-
pose." He failed to say, however,
Sir. — Your article “The Folly
and Futility of Price Control.”
by Samuei Brittan (September
27) will. I hope, help to put
forward a valid point of view
which, as you point out, is under-
stood by perhaps only one in a
hundred in the population. Un-
fortunately. the other 99 have
votes to influence decisions on
high.
May I supplement what you
have said about tbe need, in the
long run, to ration by coupon if
it is not done by price.
In some of the Eastern Euro-
pean countries tbe coupons have
Motorway
speed limits
Sir. — Having followed ihe
troversy an motor* <> j;
limits in >our column fur ,
considerabk time, maj l j
the pot bi»ilin.g and cf*n:ni^:i
Mr. Moore's letter ISvp:ea
27).
His submission.-, arc cf
sound common sense. \ff»
less, the one »»n h**avv
in Germany being svsirtci/c
and obeying, an W k.rs ii. i;
iimit brought a reminiscent
to my I ins
I well remember .,r.
years a go when souriD^ j.-.
man;.. m> v. ifi- v.hu had r^cv
passed her drivtng te-g :r
country, cxpr^sitig a
she would like l'» i
having experienced driving j
an autubuhn.
1 dutifully p Jl:t-d c\*r
the hard standing and
the wheel and sailed
along at some 6u r.t.p a. •. .»
look nf extreme sali'if.ictt.i.i
her face. Tf:t*t c.xpre.*t,,n
some five or six kiiDmem-.' A
we were suddrntly overtake:
a huge Mercedes lorry t .-**■; ;
trailer nf comparab'e s,i?
itself, frilluwed s-ume two :n:a
later by a second on:-. B.
only »wu fane, and p.tasmc
her “wrong side.” wuh ro
quentia! SufT.-lmg h;. I'n.'::
stream, was more Thar
limited driving evi>*-n •■*!'** ci
stand, and she very n
“ Enough is on '.mail." anr
again tm.'k over the v. h-i
May he v.c were in a .-.:3c:
part of Cenruny 5<i ihi:*
.Moore, but it ?till t>u:li
any given po!.*e» . if
must inevitably fa.'i w.;haa?
fuii co-operatiun f<? the :i:tin. r
public, and that i! .seems a ■
Pie in the Skj.
R. T. Norris.
7. Beech. Court. Kinfi-if’-ovr/i
E Ilham. London. S ?. f*.
v Indicates programme in
black and white.
BBC 1
*9.38 u.m For Schools. Colleges.
+12.3H p.ni. Mae Gen i Air! 12.55
News. 1 .09 Pebble Mill at One
1.45 Along the Seashore. *2.02
For Schools, Colleges 2.55 A
Funny Thing . . . Tommy Trmder
with memories and anecdotes
fnm a lifetime in show business.
3.00 The Governor and -U 3—5
Petticoat Junction. 3.50 Cartoon
Time. 4.00 Play School. 4.25 The
Astronuts. 4.35 Jackanory. 4.50
Animal Magic. 5.15 John
Craven's Xcwsrountl. 5J!0 Screen
Test. 5.40 Adventures of Parsley.
5.45 News.
-•'6.00 Nationwide.
-6.50 British Film \ieht: “The
Captain's Paradise.” star-
ring Alec Guinness. Yvonne
de 'Carlo and Celia John-
son.
R.13 Spy Trap
9.00 Nine O'clock News.
9225 The Commanders: Douglas
MacArthur General of the
Army. USA.
10.25 Film 73.
10.55 Midweek.
1140 Late Nipht News.
F.T. CROSSWORD PUZZLE No. 2,289
10
11
12
13
16
IS
1.4
■V*
24
25
ACROSS
meriean politician? (9*
ot t.-Jbt but free from pain
r hcre one may purchase
ivantageously underground
Si
uhricated lies in papers ( i >
nail-tune gangster puts
merican bonnet oa Scottish
liiuney (7>
'5 ingenuous when 1 appear
paii of the church (5>
aving equality of measure
nothing in verse <91
rmly established in cereal
kins ea cb delivery initially
i)
iddy from ihe south-east or
,rt nf a bud t5i
: ill wnth nurse around tor
e finish t4-3)
1P power required to give
dirty look? (4. 31 _
icessivc expansion is ■* mis-
ke in the dark-room U3»
,ss of the horses? H i
it.inwil! in Pickwictc Papers
cds two secret changes <9)
DOWN
pfirniatton that bus is
n 1 mg up t*‘‘ station with one
nosed inside • 14 1
yoking part of tbe police-
in's duty i9>
do certain to produce
(71
4 Ad indication leading to a
deduction (5. 4)
5 Below u town in Wale? (5>
6 Sight needing medical atten-
tion (7)
7 The way to make words
relieve for a white t5 1
8 One whose hobby is accumu-
lating impressions? (5, 9)
14 A queer chap in society f 9 >
15 Deputise for someone about
now 4 9 #
17 Improved when morning
finished (7>
18 Sunday drink resulting in
dotty painting (7t
20 Unfit in Eastern exercises (5)
21 Turf moved a point about
four (5)
SOLUTION TO PUZZLE
No. 2.288
11.45 The Affirmative Way.
All Regions as BBC-1 except at
the following times: —
Wales — t5.2ft-5.45 p.m. Telewele.
6.00-6.50 Wales To-day. 6.50-7.15
rledd:". Ar ’Ben Ei
Hun featuring Ryan Davies, 7.45-
8.15 Pam the Buck. 10.25-10.55
Bad Day at the Office (play).
-5-12.07 a.m. News of Wales.
Scotland — 6.00-6.50 p.ni. Report-
ing Scotland. 10.25-10.55 Scope
12.07 a.m. Scottish News Head-
lines.
Northern Ireland — 6.00-0.50 p.m.
Scene Around Six. 10-25-10.55
Music for Pleasure. tl2.07 a.m.
Northern Ireland News Headlines.
England — +6.00-6 JO p.m. Look
North tfrora Leeds. Manchester.
Newcastle): Midlands To-day
tfrom Birmingham): Look East
tfrom Norwich) : Points West
(from Bristol): South To-day
(Trom Southampton): Spotlight
Southwest (from Plymouth).
+10.25-10.55 North (from Leeds)
Wonderful . Amy — Heroine of
aviation: North West tfrom Man-
chester) That Stuart Hall Show!;
North East tfrom ’Newcastle)
Carl's Saga: Midlands tfrom Birm-
ingham) Countrywide: West (from
Bristol) Night Call: tSnuth West
(from Plymouth) — Peninsula:
■South < from Southampton — Pure
Invention: +East Anglia tfrom
Norwich) On Camera. +12.07 a.m.
Regional News Headlines.
BBC 2
9.30 a.m. Labour Party Confer-
ence.
11.00 Playschool.
11.25 Labour Party Conference:
12.30 Morning Report.
325 Open University.
+6.40 Early Years at SchooL
+7.05 Open University.
720 News Summary.
7—5 To-day at the Labour
Conference.
7.55 V.Tieelbase.
S.15 Floodlit Rugby League:
Leeds v. Keighley.
9.00 “The Stone Tape." a ghost
story by Nigel Kneale.
10.30 The Old Grey Whistle TesL
11.00 News Extra.
LONDON
MO a.m. Schools Programmes.
10.30 Labour Party Conference.
12.00 The Daily Fable. 12.05 p.m.
Mr. Trimble. 12.25 Amazingly
Enough it’s Rod Hull and Emu.
12.40 First Report and Labour
Party Conference Special. 1.30
Emraerdaie Farm. 2.00 Harriet's
Back in Town. 220 Labour Party
Conference. 325 The Saint. 425
The Sooty Show. -L50 Magpie.
520 The Doris Day Show. 5.50
News from ITN. 6.00 The Shadoks
followed by To-day.
6.40 Crossroads
7.05 The Best of “ Bless This
House "
725 Mystery Movie: McMjUan
and Wife
9.00 Armchair Theatre
10.00 News at Ten
1020 Whicker Way Out West
1120 Wrestling
12.15 a.m. What's the Use?:
Michael Nelson, looks at
Churches which have been
put to unusuai uses
AH 1TV Regions as London
except at the following times: —
ANGLIA
T3J0 p.m. Danger Alan. 5-20 Tbe
Partners. 6.00 About Anglia. 7.00 Cartoon
Time. 7.15 MysU-rr Movie: McCloud.
12-15 a.m. Reflection.
A TV MIDLANDS
liDO George Canty. 3J5 pan. The
Whlieoaks of Jaaa. 520 I Dream or
Jeannic. 6.00 ATV Today. 7J» MCM
Cartoon. 7JE Mystery Movie: McCtond.
8.30 Tbe Best of '■ Father. Dear Father."
12-15 a.m. Guorce Canty.
BORDER
3J5 p.m. Randal) and HouMrfc
• Deceased I. 5.20 The PartndW Family.
6JI0 Border Neue and Lookarotud. 7.oo
Cartoon Time. 7.15 M}-srery Movie:
" Magic Carpet.” si airing Susan Saint
James. 12.15 a.m. Here We Go- Again.
+12.40 a.m. Border News Summary.
CHANNEL
12.35 p.m. Ounnel Ncu-s Ueadlinus.
3.2S The White naks of Jalna. 520 Wait
Till Your Father Gets Home. 600 Report
At Six. 720 The Best of - Father. Dear
Father.” 730 Curtain Kaiser, 735 Mystery
Movie: McCloud. 12.15 mi. Commeu-
talrr* et Pre visions Meu-orologiaues.
GRAMPIAN
12.03 p.m. Mid-day Round-tip. 3.2S Man
In A Suitcase. 520 The Dons Day Show.
6.00 Cram plait News. 6.05 Top Team. 7.00
Cartoon Time. 725 Mystery Movie: ” The
Delphi Bureau.'' 1225 a-m. Meditation.
GRANADA
12.00 A Hatwllal of Songs. +525 p.m.
Danger Man. 525 Naran's Window.
520 Crossroads. 6-00 Cartoon BreaK. 625
Granada Reports followed by Police File.
635 Department " S." 735 Mystery
Movie: McCloud.
HTV
520 pan. Daily Fable. 525 Crossroads.
63B Report West. 6.18 Report Wales. 635
Tbe Partners. 735 Tbe Best of " Bless tbls
Rouse.'* 735 Mystery Movie: McCloud.
12-15 a.m. P(r and Wblstle.
SCOTTISH
124)0 BA- BAR. 325 pm. Canadian
Dramas. 520 Cartoon; 525 Cross ro a die.
6.00 Scotland Today. 630 The Protectors.
7410 Mystery Movie: Bee Ramsey. 1225
a-m. Laic CalL
SOUTHERN
124)0 Southern News. 520 pm. The
Dally Fanle. 525 Crossroads. 64)0 Day
by Day. 6^0 The Best of ■' Father, Dear
Father." 720 The Tnraday Film: ■' Day
or the Evil Cnn." stanine Glenn Ford.
1225 am, Southern News Exits.
TYNE TEES
929 a.m. Day by Day. 5.20 p.m_ Here's
Lacy. 64N Today at Six. 7.00 Cartoon
Time. 725 Mystery Movie: *■ The Delphi
Bureau." 12.15 a. in. Late News Extra
1230 . Lectern.
ULSTER
tut P.m. Ulster News Headlines. tS23
Ulster News Headlines. 520 The .Amazing
Chan and the Chan Clan. 6.00 UTV
Reports. 7.00 Tuesday Cinema: '* Johnny
Reno " starring Dana Andrews and Jane
Russell. Bjo The Protectors.
WESTWARD
1223 pan. Cus Boneybnn's Birthdays.
1238 Westward News Headlines. 325 The
Whlieoaks of Jalna. 520 Wait TtU Your
Father Gets Berne. 6.00 Westward Diary-
730 The Best nf -■ Father, Dear Father."
730 Curuui Raiser • Burr Bunny i. 735
Mystery Movie: McCloud. 1232 a.m. West-
ward Late News. 1225 Faith for Life.
YORKSHIRE
52D p.m. Bridget Laves Benue. 6.00
Calendar. 7.D0 Cartoon Time. 725
Mystery Movte: "The Delphi Bureau."
1145 Douglas Fairbanks presents.
Organisers of
shop floor
debates merge
THE PUBLIC Enterprise Group
is lo join forces with the Institute
of Workers Control in organising
shop floor debates for workers in
leading companies facing national-
isation under tbe Labour Party's
programme.
Without a continued post'
conference debate in leading
companies, the organisers claim,
a Labour Government would lack
an informed base from which to
launch “ an expansionary pro-
gramme through these com-
panies.''
Piggotf s prospects
by DARE WIGAN
RADIO I 247m
(SJ stereophonic broadcast
Ttnit*. trailic and News sunittijrivs at
а. m' o n)., .i :m. C.W). t5-.HI. then every
hour un ih- half-hour unttl d 10 p m.. T.tm,
son. ‘t.M# 11.00. 12 niiduiiUn t.0u a.tn.,
.■ mi. v.i-ath-T at .102 a.m. 3.:?j. <;.ic,
A. :;2. T 5 12 6 72 p.m . 2 o; a.m.
SJ» a.m. A-: Radio ■. 7.00 Noyi
E4nidnd». 0.00 Tony Blackburn. 12.00
JolmiiH- Walker Including this weeks
iii-u Tup tO and 1230 p.m. \>-ivv
heal. 2JW D.iciij Hanulion. 5.00 Radio l
"un iv itb Alan Fn-i-iu.m from Aren?
Family Own* wtffi th? Seim ish Ascneia-
llon vf P«W Clubs. Kirkcaldy. Kllc,
mrfudin.-, 5.30 ? ,'ct-ab* at. 7.00 As Rartiu 2.
1035 SounHji nf ihi.- 7*1 s: .Inhn Peel igi.
Abo on VI! F. 12.B0-2JQ a.m. As Radio ?.
RADIO 2 1.300m and VHP
Time, lraific and News, summaries at
5.'W a.m.. 5.3U. 0 no. k .10 iVHF and 247m >.
• o-j. 7 .3(1 . s.iiu. U).;n every hour an the
hour unlit 5.00 p.ni.. n.30, 0.00, 0.30, 7.00,
*;.80. 94Ht. 11.00 L' nildniohi. 1.00 a.m..
: 00 VV. aih- r at 3.«2 a ni.. 2.S5. 6.02,
> -i.Tl 247mi 7 02. 7.:c. " IK. 3.32.
3 02 I ".2 P m . ii.13. ii.12 2.02 a tn.
5.00 a.m. Xws Summarv 54)2 Barry
■m-v li-t'.h nii* Early Show Including
б. 15 Pati*i* for Tho'Kbt 7.02 T-rry Wnzau
ini-l'diiK 82? K.Vina BulL-On and
B. 4S Pause fur Thniighi 5.02-1130 Pot.’
flurr.n 's One i Ifous* i5» inrludlnn 1039
v. utnii. Walk 1130 .limnir Younn
*^i 1.30 P-m- Jiii' lljndnrodn iS< music
m «>ncnWns stvlt* mrtudnvs 1.65 and 245
Spnrie Desk. 3.02-500 John Diutn 'Si
mcl'idins 5-05 Sports ' Di-sJc. 0-15
w. ao^on. r<" Walt: and a. 45 Sports Desk.
54)2 Tony Hra'idon <S' tneludinc 5JB
Snorts Do.- 1;. 630 Sports D>’sk. 7.02 Thron
In \ Row. 7.30 A Pair Of Ears: AJnn
D-’ll trav’.-s the musical dcvclapmsnt Of
popular narco and illustrates u-rth
rc'Wds (Si. 8.02 The Ma«k of the
Musicals -S-. 4412 The B13 Flffhi: Heavy-
weight Championship nr Europe. Joe
8usn>.-r v Bepi Ross. 1035 S|<ons Desk
1 UNim i202m in KLprLnd i. 1037 Laic
Nteht Extr.i IJWfltn iSKm in Scotland*.
12JW Mtdmshr Xowsroom. 124B a. in. ffiebt
-*'di- 'Hi. 2JW li-ws Summary.
RADIO 3 464m. Stereo &VRF
7.03 a.m. News. 74B Overrun*:
Tehaitovskv. orch. Taneyev, Often hath
i Si. BJM Slews. 8 0S Monjiaft Concert:
Thalbers. Uubay, Encsco fS). 44)0 Mew?.
44)5 This Week's Composer : Rrahmi is».
4.50 Hand'l Perfornnsuces in Berlin Con-
cert fSi. 1IL50 Scottish DniveraiR- Conei*rr
*s>. 1235 p.m. Cardlfl Mid-day Prom,
part i: Holst, Nielsen. LOO News, l.qs
The Arts Worldwide. L3D Cardiff Mid-day
Prom, part 'i; Elnar. 2.15 Mrndeiseohn
and IVelisr piano rental fSi. 230 Mew
Records: Christoph D-mamius. Gervaise.
Morlcy. Mozan. Haydn ts >. 0.CES Music
la Our Time 'Sj. 435 Jazz To-day iS*.
S3S Pled Piper IS*. 5.45 llotnewatd
Bound 6.05 Mews imi-dluot waw only'.
630 Homeward Bound Kontimird)
•taeilnmt wave only*. 630-730 Study on .1
i medium wave otj|y,. 7.30 Crlehritr
Rental, Rafael Orozco piano redial:
part 1. Schumann »S». 64)0 The Art?
Wor'dwlde 8.20 Rafael Oranm nan 2.
Chopm. ProkoBev iS*. 43S The Ouesricm-
abk* Child inhost r .inrv > iSi 10415 Alfred
Kcfimtke is i mo :volf and Brahms:
Sunp nfCirnl is*. 1135 Neu-?.
RADIO 4
434m. 330m, 285m and VHP
635 a.m. News. 63? Fannins To-day.
635 Prayer for the Day. 6304M5 To-daa-.
tSO Travel Nows, What's On and Keep
Fit i medium wave only}, 635 Weather.
Decimal coin
sets available
A first proof s&t of decimal
coins, containing six denomina-
tions from fp to 50p, is now
available, the Royal. Mint
announced.
The coins are dated 1971, the
year in which the decimal system
was introduced. .Although legal
tender, the coins of the new sets
are - being struck specially for
collectors. They succeed the sets
of the former £sd coins which
have been on sale for the last
two years.
The price is £3.25. Including
postage and packing, from the
Royal Mint Numismatic Bureau.
P.O. Box 1000. 2/4 Waterloo
Place, Edinburgh.
J IT IS symptomatic of the pbeno-
jmenal increase in tbe number
of horses in training tbat there
were 284 acceptors at the four
days' declaration stage for tn.
day’s meeting at Nottingham,
where the most valuable event
carries £700 added money.
Although this formidable num-
ber was reduced yesterday, the
Carlton Maiden Plate for two-
year-olds had to be split into
three divisions. .
Lester Piggott. who consults
the- form book carefully before
committing himself, partners
Tussore for Jack Clayton in the
WeJbeck Handicap (3.30). and it
is on the card that this colt by
French Beige will justify the
Dro lira mine n«nrg. 7 JO K<*ii's and more
of To-day including 735 Sports Desk. 735
To-day's Papers. 7,45 Thoualu for the
nay, 730 Travel News tmedium wave
onln. 7-55 Weather and programim?
news. S.M News and raor* of To-day
iDi-Jtidiuji 835 Sports Desk and 835
To-day's Papi-rs. 8.45 The Claws or God.
4.80 New* 4J)S Tuesday Call: l)l-3» 441):
Gardenim i medium wave only from B30-
XB30 News irn'-dium wavy only*. 10.05
Front Our Own Cfirmpoudiuii. U38
Daily Service. 1B4T5 Mortunc Story
'medium wave onlyi, 11.08 Aetw 'roediitm
wave only i. ILOS Down Vonr Way
•nedium wave nnlyi LL45 Sounds In
Store i medium wave oftlyi 124)0 Nen-s.
1232 pm Yon And Voura 123T What Ho.
Jeeves'. 1235 Weather. proCTamtnp news
(medium wave onlvi. l.BO The World- At
One. U0 Th« Areher*:. 1.45 woman's
Hour from Belfast 'tacludJn*; 2LQ0332
News 1. 2.45 Listen With Mother (medhnn
irav.* only 1 . 3.00 Nenn. 3JB The Bnr-
chener Chronicles. 4.m News. 4.05
Gardeners' Question Tittle. 435 Story
Time: "The Old Mao sad the Sea."
54)0 PM Reports. 530 Stoefc Martel
Report 1 medium wave nolyt. 5.5S
wrathi-r. prmrramme .-i>*w5. 6 48 New*.
6.15 My Word! 6.45 The Areti-rn 74W j
w-Tvy Desk. 7.W Wn Your Linn; 01-388 |
44 tit ring Genrte Seort w|rh your ipws-
Uons on barristers and Orir nrofe>s'on
to James Comjm. OH. 8-30 TV n*i, in
Thomas File wl'h glrhard Mf as rivlan
Thomas. 4.74 Weather 4.S0 The world
— inetudini- international Huslo**'® ,
Report and ar 102S Market Trends 10 » j
A Rook At “ Ancel Pnvnmpitt " I
part 5. HM5 Kaleidosoooc. 11.15 Pnooners 1
of Consetonco: Horljy 8*1) and hi* war-
time MfPOrjoncM. 11.38' News
For idiNli: Radio 4 (VNFM21 «.m.
to 12.0O noon and 2.00 F-ut. tn 3.00.
NAVAL SURVEY
SHIP LAUNCHED
The Royal Navy’s new ocean
survey ship, HMS Herald, will be
launched on Thursday from the
Leith shipyards of Robb Caledon
Shipbuilders.
When completed, the 3.000-ton
HMS Herald will join the Navy's
survey fleet In its work through-
out the world, which has became
more imperative with growing use
of the new and still bigger breed
of deep-draught superrankers.
NOTTINGHAM
1.30— — Brother Somers
2 .00— F reebou me
2.30— Angelina
3.00 — iuit
3.30 — Tussore* •
4.00— Colonel Nelson***
4.30 — Ovation II
5.00 — C ha rente
FONTWELL
2.00 — Why Linger
2.30— Pinto
3.00 — Teddy Tad or
4.00— Beau Wind
ex-champion’s choice for he was
a good winner over li miles at
Brighton in August before
finishing a creditable fourth be-
hind Celtic Sam at the Don-
caster St Leger meeting.
In addition to riding , luaso re
for Clayton. Piggott had other
ukely prospects. including
Colonel Nelson m Division I of
the Carlton Maiden Plate (4.0)
and Hilt in the Ben tin ck Plate
(3.0). Of this pair the one I like
best is Colonel Nelson an attrac-
tive colt by Silver Shark, who
failed by only a head to catch
High Call at the last Newbury
meeting. The one he has to beat
is JtobviTAii. who finished tr
in the Newbury rucr after j s
start, but l am reasonably t
fident that Cofmtrf
again come out the better
■Whether or not Hilt win*
pends on whether this n'-y
Busted reverses WoKerhamg
form with Ulount Cosmo
Wolverhampton, a fortnight
-ttounr Cosmo, conceding :
8 ibi t including the 5 lbs j ,;
ance claimed by -L Ware
Dunlop's filly) defeaied ner
approximately four length^ 1
afternoon the difference
weights is 10 lbs and ii t< v
no disres-pect fo th»* cum?-? 1
young Ware that I suyeeft )
HU I nuy turn the tables
Brother Somers, who g"f ; •
for a boy. is suegrited for
Michaelmas Apprentices Ha
cap O.30i and Angelina 1
crop up at a good price :n
W^inthorpe Nursery Har.-ii
<2.30).
The market on the first
of the Newmarket 'Via
Yearling Sale* was p.*«chy i
of good quality sold w?
for example, the colt by Atn
Rama and the cult h_v sing S
sent up by the Old Buckent
Stud. The first or mere
knocked down lo Lnrd Harr
ton. hidding on behalf of
David Robinson. for 20.
guineas; and the second tn
Newmarket Bloodstock Age
for 17,i)00 guineas.
ABCNGDOIN BY-PA,
OPENS THURSDAY
The Abingdon by-pas*, in B*
shire, will open lo traffic
Thursday, three months a'neac
schedule
Work on ihe ?J-nuJe «re
between Smith fiinksey
Drajtton. started early in !97'J
was expected lo take two ye
It has been carried nut by
Amey Fairciouch Consortium
Events
To-day
COMPANY MEeTINGS
CEKTROVIHC1AL ESTATES. Winchester
Htmse. E.C. 3. fCbairman. Mr. J.
Gold.)
CRAY ELECTRONICS. Gloucester Hotel,
S.Wj. 12. fCttalman. 3lr. K. W.
DOWrv. Cholienham. u.15 .»Str George
Doui>-.t
ILLINGWORTH MORRIS. Shipley. 12.
1 Chairman, Mr. M. Qsrrcr.i
FUND ALOV A, Winchester House. E C..
12. 1 Chairman. Mr. C. U. Bois.J
TURHEft (RAY). CavrntiT.. 12. (Chair-
man. Mr. R. E. Turner.)
WARNFORD INVESTMENTS. 28, Alder-
manhur/. E.C.. r,. rchainnan. Mr. s.
Sefaba.i
WOOLXOMBERS. Shipley, u, 1 CD airman,
Mr. M. onrer.i
Apd you thot^hei^ypco^ii
to the Westbury
for your 3alesmdp^|^|ifi
.. It s r qn\ y yj y-o jX.$ :
i tersnpe^. of TQ0
cic*«'..equaT')u^Ge'hG;3^tt.^^^
r ¥^ rn v>
I*i«5b7,
■V
N-svv ScnSD c CifTjlc'r,^* ii- OT-oi;V?.vXg :
J\
J* ' .
.' v
ii
The Financial Times Tuesday October . 2 1973
Shaw
The Bevellers
Marlborough Fine Art
[Coyeht Garden
The Royal Lyceum Company last February in Edinburgh- M I
of 'Edinhursh, which visited the While the chaps bevel away, a
Shaw earlier this year with -vounfi apprentice is introduced
until October 20 mth a play by t0 hun by the f 0reinaOi Bob] ,
one of Us awn actors. Roddy (Roddy McMillan); before long Marlborough has mounted a
McMillan. Director Bill Bryden young Norrie (Andrew Byatt) is dazzling exhibit. on of contem-
is to be congratulated on keep- subjected to the insults of a P° r ary realist painting from
in* together so fine a company as ? u PP Tessed homosexual who Spain. Although the artists are
. ° ® u. , , _ •* , indulges in unlikely outbursts of various, as is their work, the
he assembled for that first play; thinly motivated spW Wher^the tota! effect is enthralling and
since W ilUe Rough opened about others go to lunch the shop is de eply heanemng.
a year ago. this ensemble which visited by an old. fiJthy-coated Spain's great artists have been
includes many of the great wino who was once a beveller of a singular resonance, from El
in Scottish theatre (Mr. aQ< j cannot eradicate from his Greco to Goya. Velazquez to
.McMillan himself. Fulton SV stem the pull of the craft — Picasso. There is the improbable
JUackay John Grieve, Joseph Leonard Maguire tinges his Dali. “ firebrand of technical
Brady, James Grant and Rikki performance with much virtuosity and patriotic fervour,
Fulton to name but a few l has emotional truth. In the afternoon w hose Christ remains Glasgow's
n resented SPVPr.il npu* nlrivc hv -r . ■ . . nnmilor n.inlino- :irt
Iberian realities
by CLEMENT CRISP
by MARINA VAIZEY
ui jim i tine cxtuuex. on j y be described as the would nave tnouget mac jus»i now
But a true ensemble must be most absurdly eventful day in l*?ere is ‘ l ? ^pa:n, centred in
provided for in the writing if it the history of the trade ends Madrid, what amounts to > a
is to justify its existence, and with Norrie resigning from the school of painters, whose ^haum-
The Bevellers is so transparent apprenticeship. in ~ wo r k fits s0 neatly into the
and pedantic a piece of work, so Mr. McMillan persistently ^ t 0 e „ s r ° r, ^_j“i. yell ism’
devoid of genuine rhythm and resorts tu shallow emotionalism: tocSs reaH?ii? and sh od’
m er ockmg subtext that it the spiteful Rouge r’s conduct is ^ rp ne f ° C ' VfcbSrioSs phrases
muht as wel! have been per- excused by his boss as a con- th ' t ^ Americans have coined
formed by a collection of regu- sequence of his father's 5 or lhe i r new m-oups but that
jated puppets. The scene is the alcoholism; Nome is further tnneks most of the efforts of that
basement bevelling shop in a frightened off the career by the S r I a nd-stri pes school into a
Sjps .? rra - Geoffrey Scott s ^jght of old Peter (John Grieve) .
admirably realistic setting has a turning pale and stiff at the eDd thp mnsr inter-
steep stairway to the office above. Q r his fit a sight which reminds na i?oaSlIv Mtoblisbe™ or them
'depressing ly convincing neon him of hifi dead mother: and S^ErhEJm Claudio Bravo
lighting, a ioilet hidden away in positive passages of poetry, such ' ed some rather boring paint-
the corner and a collection of as t he beautiful three-part sing- «■ nudes in the by-acd-laree
Suv 011 ! machjner - v - , As : m ine Of a sentimental traditional ^lu trS section tfSSffiSK
- the th«y song and Bob's revelation that he It in % a nd sculpture in
' v ? u,d eliminate the seefi j n a piece of glass the face Kassel's' Docuinenta 5 in 1972.
iiM 1 mH 0f IT U » nced con versa- of the luaP w j 10 wrou ^h t it. seem ; Bu^hev-as the onlv artist from
V°! eff, - ct s arc suppled arbitrarily clamped to the action.;^. c0 i lection represented in
Tn thp C ’ nnSnd 8 ' luSST The company will obviously find j Documents. an international
' h . u = , * n f s s of .^.a London audience tougher ; j am hnrf»e of an exhibition whose
•'lu^torium (when half BO j ngi as Mr. McMillan's salty avowed purpose was the explora-
^ 10 15 visiting language demands concentrated I h oq 0 f realitv. Bravo is showing
C n a dcv,ce 1S attentiveness from a Sassenach; j at the Marlborough huge and
cruelly inadequate. . but things would have Jieen ! meticulous paintings of objects.
The boney structuring of the easier for them in more intimate which however true in scale they
play is also more apparent than a theatre. 1 ma v be *tn the objects repre-
il was when 1 saw a performance MICHAEL COVENEY j seated, convey an effect that is
'larger than life. The objects.
Elizabeth Hall
wrapped packages to
Girl in an armchair a pencil drawing by Daniel Quintero
Without making any extrava- for the M <'*• ®£j£ y destrov
• - gant c l a im s that * Hans van they ct * r i ^ „ r > _ Taut. “ pulled-
Manen’s Tilt is a blazing master- every merit of a tauL P fom .
p.ece, i must record that on Frl- np tmnkhand Car ,
diy night it looked wonderfully anees. Allegro Bnt lion ^ orl : '
, ’ good amid its dim— and dimly, prow a useful L gaV e the
danced— companions, in -the New ■; Nothing. L ^ whose
• Group’s programme. Tilt was lit Ashton Seen*
with subtlety;' its six dancers mediaeval n * sense
were alert, apt in creating the bent stars to oive “ ■
sh mmerihg web of aggression Vyvyan Lorrayne. „- n
and eroticism and mocking beautiful, has to lu r k . !f* lde " fl
i glances at dancers' behaviour old Provencal nightie ami
that make- up the text; and. ringlets that Ira J smo 5 r,f -_iow*
despite the tassel-ridden -under- into the girt any Crusader misn
wear in which they are trapped, be glad to leave behind mm.
• *. ■ the cast looked uniformly hand- Barry McGrath postures witn
some and stylish. • . and without cloak. The whole
. Performance and work -were at duet has the air of a a e
one, and the result was an inter- Bolshoy d -.^a n d
pretation that did justice to the crying out for Stnichkova a
i company and the ballet. Preced- Lapaury to over-ride its quaint-
ing it had been Allegro BrilUnte ness with that exultant ma c
■/ < ■; ■ and Sc&ne <£amoux. The Balan- which made us believe In ihe.r
■ ■ chine p.ece has, 1 suspect, greater frenetic Ifozkowski waitz as nie.n
merits than Its . cast as yet let art.
•■ 'V - us see — though Kathryn Wade's The dosing Potineurs was
I..,*. exultant, warm assumption of the . jolly enough, most interesting
leading Tt^e is right in its c :i- for Nicholas Johnson's appear-
dent enjoyment of- the technical ance as the Blue Skater. EJegani
challenge of the part,, and will and light in style— his is not j
look. even better when, she has deml-caractfcrc flashiness, bin
a partner who can offer some clean, precisely placed daneinn
trace of a complementary different from the usual run of
:U bravura. boys who can only pirouette fas’
- The supporting octet contains and furiously (which is a pas^
•**. good dancers— rPauJ Waller is a iog weakness in Mr. Jonnson -
young artist who is rapidly cqm- technical armoury) — it_ was a
■ mg into his own, with a bold performance of wit and charm,
edge to his dan cin g — but even attributes that might well havi-
more panache, sheer speed and been copied by the white couple,
acuteness of musical response is Barry McGrath and Vyvyan
needed- The staging has Am- Lorrayne, who gave the vmpres-
proved since -it was. first sion that they were skating on
mounted; with better costum es very thin ice indeed.
Festival Hall
Belshazzar’s Feast
Dear William, realise how the effect of 'the final
About Belshazzar. Vm some- flr ?*° rk ? can J e be foiled if
Nikita Magaloff
I iv absent- onlv tensc - resonant - There are huge coat. Where are the people Francisco Lopez, accompanied ^ t fa e ye an
his motorcyclfgeaf. from suit to ???«“ *?*!?»■ °i^ c _ ared j or _- !?!"?!, JW$T conducting.-
The Russia D-Swlss pianist musical incident acutely sensi- boots to helmet, is st
Nikita Magaloff gave on ti v <?- Mr. Magaloff appeared) acter expressed sharp
Sundav a piano recital of ini- especially to relish the darker [uniform. Bravo's tei
mense distinction. He is no colours of the piece, thereby stupendous, doing fo
stranger to London, and so his showing Mussorgsky's origin-. objects what the Du
appearances are perhaps token ality is at its most startling in 'their great school o 1
-omewhat for granted (the hall the low melancholy of 11 recchioj painting: but while w<
was noticeably less than full); castello . the keening flourishes, at his techn:que, ai
which is a pity For w-hen today’s f or the two Polish Jews, the} elegance vitiates his
vnung kevboard lions are so sepulchral "organum" of Cam-! which virtuosity has
often onlv sweat, speed and combae. And if he can no I end In itself,
muscle, it was wholly gratifying longer summon, the very largest) What infuses the wo
to encounter piano-playing of reserves of brazen tone to of the others id the
true character, compounded of h ora Id the Kiev gates well, . is not only the same
much thought as well as long ex- there had already been ample of technique, but the
perience never hearUess, compensation. to use their talent t
Tea lureless or bland. * c * n ‘- v ,ook - b “*
v . . ... i, i_ , Th<ipf» f»harii»i<»pfiii niiivino ! There is somethin^.
years since vou Eave uD 0r 100 little— though AP is there
years since you gave up obvioufi exception. FrQbeck
A ShJS de Burgos is a Walton-wallower.
another fine “ Belly 1 * baritone
He mixed up his precious stones
slightly, and did not sound quite
sinister; but the weight of the
voice fitted exactly, and be sanq
the recitatives freely and
dramatically. Explosion of ap-
plause at the end, as usual.
I've already told you about the
question. In the Mendelssohn F uurmy reruauuu|
minor Prelude and Fugue and \“ ,en * is harpsichord recital at j
even more in the four Schubert the Purcell Room on Friday]
Impromptus (D935» thal made night: character, a level of execu- 1
up the first half, the tone was tion that constantly manifested.
Not that it was all beyond j-T^e^ 0 *® s C jf rarter fhl | a ^d ambi^ousW unreadable istic: a realism that goes beyond chair, where the chair dominates, witha pe^misUc^ion ^atls 1 ttK ?’ TE “J gentle, lyrical playing carefully
estion. In the Mendelssohn F. dur i De - . l ' e ™* ,nd ® Miguel Arguello s pencil their presentation to a feel for and only her head emerges rest- Dara doxieaUv of an extra- : nois >’ in right places. But I’m prepared with bis own cadenzas,
inor Prelude and Fuaue and Valentis harpsichord recital at, , j human truth. Hi?, wife. .Maria ina on the chair’s overstaffed i i sure you d have thought the first made an excellent prelude !o
There were also quite a few all. This, for me. is about 15ij ostle USi . b ut does not a I wavs startling. A bi§ painting. On flowers, drying out and dying,
points where singularity hovered too many, for ail Mr. Valentis ^urinee " the Underground, is difficult to The scupture. except for Lopez-
on l be edge of mannerism, where long familiarity with the com- Ama [j a Avia's paintings of read but with a satisfying difli- Garcia’s great wooden figures,
-the interruption of a phrase to plete canon of Scarlatti keyboard weU worn street facades are on cutty. Behtad the green doors, seems less interesting. But
highlight affective qualities pieces, his comprehension of a [ ar2e SC aie. hut are otherwise with their signs in red. are Julio Hernandez's small bronzes,
seemed in the end to hold up their varieties of incident, mundane, while Carmen Lafton's figures: a man. a woman, an swirling. mannered. invest
natural progress. In the first texture and mood. But the ear u - or fc j S prettv. but sadly not empty dress suit, a raincoat interior. Tube trains, a pregnant
Schubert piece, the dialogue be- soon craves music of more sub-
twe*»n soprano and bass — that dued nature, of greater weigbti-
wordless. more-than-vocal ex- ness of thought, even of greater Sydney Opera House
change oF the sweetest, most length. As if he knew this, and
poignant major/minnr utterances was determined nevertheless to f ■ a T T 1 \
imaginable — proceeded by fits compel our attention throughout I • f i — I O 8 I C
and starts. But there was also t he 20 . Mr. Valenti stretched the B | ![” V ) 1 I I L 1 I^Xll U L/LlllJ
passacework of Che utmost p j eces t0 breaking point in the ^ ^ i ^ w j-'
deiiracy: sudden sharply pointed bending of pulse, the multi-
articulation of ornaments (the faceted handling of repeated Uv AKFlRPW POR TF R
crushed notes of the third im- phrases, the flashing and Haring A 1MJ A E W r UR 1 L R.
.wonXfbl ?Mhmic C precisioiM ^i"! The Concert Hall of the do not need decor) Mr. Hall had project. Round the hall runs a
• l .j j i..i ,n S- uiniiing. out. in a c „j „ u«„ M nnpnfrf r.i fii hie r.iiH tnriiirn intn «□ row of cun-oorts from which two.
t. sheet covering the body, pointing ™dSSed with i tS££* Staff S tral detail w«i q^e swallowed U-
le youngest artist of them out the aching importance pT the vet triumphant in their life U P- Fu n n > that conductors fail lu
Daniel Quinteio. in hip mid- staring head. Other drawings through the medium of art.
ities. is perhaps the most show open windows, a pot of . — ' > ■' ' — ■ ' • ■■■ '
GILLIAN W1DDICOMBE
ENTERTAINMENT Gl/IDE
OPERA & BALLET , THEATRES THEATRES
COVEMT CARDEN.- THE ROYAL OPERA. I GARRICK. 836 4601. Opens Oct. 17 *t ROUNDHOUSE. 267 2S6A. Evenings B OO.
Tsnigh:. Fri. and Mon. next at 7: • 74X>. Sufts. E*as. S-0. Sat- S.OO end H.SO. - Fn.. S4t 6.0 nno 9.0. _
Wagner's TAN N HA USER. Tomorrow and | Red. Price Prev* Oct 15. 16 at 8.00.
Sal. at 7 SO: Puttiers TOSCA. Thura. | ALASTAIR SIM
and Toe*. next at 7.30: Puttini's
Fri. S4t. 6.0 and 9.0.
THE RETURN OF PETER «-Ot;S_
TURANDOT. A lew seats available Fr|- Jonn . Clement's Cbichesvr Production
Sat. .and Mon. next, oersooal callers dandy diCK
onhr. (240 1066.) *• II I were a Betting Man My Mon
COVENT GARDEN. THE ROYAL BAU-if] W ft TO*- *
OCL 10 at 7.30: IN THE NIGHT. SEVEN • ■■
DEADLY SINS. SONG OF THE EARTH. GREENWICH. 8S8 77SS: Evenings 8.
(240 1066.1 Mat. Sat. 5.0- COMPANY -THEATRE
_ , ' . NOT DROWNING BUT WAVING
COLLI5EUM. 836 3161. Until Oct lO. A comedy with Geraldine McEwan
Ergs. 7.30. Sat 2.30 i- 7.30
THE AUSTRALIAN BALLET GLOBE. 437 1592. 2ND YEA
Tonight Wed. Thur. & Sat. (evg.i sold 8.15. Sats. 5.40. and 8.4
out. Good seats available DON QUIXOTE JIU. BENNETT. JOHN STANDING
Fri. & Sat unattneei. NOEL COWARDX .
The Concert
by ANDREW PORTER
of the do not need decor). Mr. Hall had project. Round the hall runs a
opened to fii his auditorium into an row of gun-ports from which two,
gherian existing structure, and he did so three or four black muzzles
COLISEUM. Sadler's Wells OPERA.
Oct. 11 A IE at 7.30:
KATYA KABANOVA
ALASTAIR SIM SENSATIONAL RECOKO- BREAK IMG
PATRICIA ROUTLEDGe in DECAMERON '73
Jon n . Clement's Chichester Production . sex should be fun and so. as
DANDY diCK here, naked ado unashamedly diseased
1 H I were a Betting Man My Money It Is.” E. News. .
would be on Dandy Dick for a Lucrative | — — ■ — — '
West End Run." O. MalL ! ROYALTY, 40S 6004^ Mon ToeS-. Thurs.
— — 1 frj. 8.0. Wed.. Sai. 6.15. 9. Adults onlv.
GREENWICH. 8S8 77SS: Evenings 8.0. 1 OVER I -OOO performances
Mat. sat. 5.a COMPANY -THEATRE la., - • • -OH i CALCUTTA 1 .
NOT DROWNING BUT WAVING I “AMAZING AND AMUSING." D. Exo
A comedy with Geraldine McEwan “THE NUDITY IS STUNNING.", D. Tel
GLOBE. ~ 437 1S92. 2ND YEAR. I "^AraTAKINGLY BEAUTIFUL . _«.t .
Evas. 8.15. Sats. 5.40 and 8.40. (SAVOY, a 36 8888 Reduced -price Preview
JIU. BENNETT. JOHN STANDING in Td- night 8. FIRST-NIGHT Tomorrow at 7
NOEL COWARD'S . I non. SUU. 8. Sats, S. 8. Weds. 2.30
PRIVATE U VE5 f JOHN MILLS
"Brilliantly funny Play.” Times. r DUtClE GRAY. MICHAEL DENISON
PRIVATE LIVES
"BrfMiaiitly funny Play.” Times.
DULCIE GR.
MICHAEL DENISON
HAY MARKET. 930 9832. Evenings B.0.-I
” - - . exciting and noble” Guardinn. I
William Doufflas-Home's omv corned v
AT THE END OF THE DAY'
Oct. 12 at 7.30:
THE MINES OF SULPHUR
.to neip i out inese ana omer (K146 , which provided the tour w,in a programme (apparendvthev havesomethlne « WiSK ^n 9s « -a right royal success.; o. e xp. _
characteristics to persuade one, force endio° fn the first hnif operatic excerpts, played b> the with skill, lot hall seats some tapparenuy mey nave someuung theatre to be had m London.- f. Times, her majesty’s: 930 -66ob. «
temporarily at least, that Mr. Mr ValS? tteSrieiStv in' Sydney Symphony Orchestra, 2500 people. The audience, as to do with Uie air-conditioning | 0ct - liton^E 730 ^ 2 50
Maealoff's view of Schubert JlerinV between h5h Seed with charles Maekerras as con ‘ ln Berlin s Philharnionie and and an occasional crane project . fggaggg. APPtA^^Hi^^Exnress. „
whole was worth taking whole. Sear^ hatt loned the ^SrtoSS I duclor - and Birg,t N,lsM ? as Rotterdam s De Doelen. sur- Above toe otchesaz fang JO wells theatre. R<*«b~> L^t M^^fenSSfte M ^&y. u
' In iw.ic m rect.*v «r «« , P®™*™- soloist. The hall is a large rounds the orchestra; aoout a large toroi in clear plastic, which £MfBA«iTTi*7 ^^.To-mofTM -pippin t
WENDY- HILLER, PETER_ BARKWORTH SHAW. 388 1394. ROYnl Lyceum Co In
CROWN MATRIMONIAL. - THE BEVELLERS by Roddy McMillan.
-A RIGHT ROYAL SUCCESS." . O. Exp. .. . - Evenlnw .« 8.0 .
IER MAJ ES TY'S: 930 *6606. gr MARTIN'S. 836 1443. En. 8 W.
Evening* 7,-M. *J«fc W*d.. Stt. 2.30. zaTsxU S A 8. SECOND YEAR.
LAlHtEN BACALL . ANDREW CRUICK SHANK
APPLAUSE "A Hit"- D-, ExP rest- AVICE LANDON. JACK WATLLNG
E. Standard . Award Best MuslcaL Wllium -DOBBlaB-Homo's Comedy.
Last Week. Must terntloaie Saturday. LLOYD GEORGE KNEW MY FATHER
are behind are said to help the players to fSg^S; afVzS^A opens 20 .
>ai. mere was nn neea evea ror artistry, certainly, but through
persuasion. This was playing in which elements of artifice were
the grand manner, the phrasing a u lCl0 dearly visible,
aristocratic, the response 10 fhe
dramatic character of each MAX LOPPERT
orchestral hear themselves playing. And t S7 n F~i Th r ri ?d a r 7 '” 5 U 1 " k *? v
“ One of the wltl!e«t and most enjoyable
' plays in London." H. Hobson. S. Times
B.O. Mat j
Evenings 8.0.
Re.-lin nail. A large expanse of me oniy country in the THEATRES Best Comedy of Year. e. sw. Awd. -7.o,
orchestral stalls and behind them ' A '° r, d with the technology to adelphi. 836 76 n. opening wed. by ctaiS^e 7 t, H^^n^ 0,,, 4 «i year.
Festival HalB
Stokowski
I support of the sound. orchestral stalls and behind tnem -'orra wun roe technology to adelphi. 836 7*n. opening wed.
The tribulations attendanl on a sinjle deep naltery face Ihv Wet »J^ ■ >"<1 concert. wM- >•» “»«-■
'rhp •■ansi ruction of this famous orchestral platform, in tne usual ,n,,l rii Q S a lot of extra roogers & hammerstejn-s
1 huildTne fSmi a tale too cmn- ■■■•ay. This platform is net very lights on the audiences?) the k,ng and ,
j plicated 8 to he told in these large: the GiiUenfflmm Ening Vjejl that s ; what the Concert 'S" Jo
nr.himni Mpi me I'nniminenfl orchestra filled it lo the brim. Hall looks like. The approaches incrid gergman
"Gloriously, gloriously funny." S. Times. I
From 8.1S. DIMM' i Dancing. At 9 30
New Revue DREAM MACHINE. 11 o.m.
JAMES DARREN
!mERMAID.T 48 7656. .Rert. 248 2BSBJ T& "S®*!' 0 l7*P| __
Evgi. 8.1 S. Wed. and Sat. 5.50 and 8 .IS EfJKf n„ ( L ,r, mi!,!!! ^T
columns flei me re dim mend orchestra filled u 10 the brim. «au looks like. The approaches
John Yeomans book The Other Behind Inc platform there are to it. the corridors, the foyers, the
\ T(ij Mahal t. The architect’s tw0 more galleries, rising un to views over the harbour and the
-AN INSPECTOR CALLS-
by J. B. PRIESTLEY .
"Eliciting tPeatOcal experience
remarkable oroduebon.” D. Tel.
JOHN MC^LUM .BMMU FERRIS, new LONDON THEATRE. ~ 405 ‘ 0072.
MICHAEL AU.INSON.
DOROTHY REYNOLDS
THE CONSTANT WIFE
Parker street Drury Lane.. W.C.2.
Evenings. B-O- Saturday s.3D and 8-30.
THE SMASH NIT
ROCK -N- ROLL MUSICAL
• - GREASE ' -
. e*dn the seats wore a-rockln'
and-a-roliW. . on thetr nut* and bolts."
Sun. • ••
Buffet and Bar 6 P-m-.a p.m. (£1.50 fully
'•‘incj - Re-ooem " Dlnlng-Ddnclfifl Irom
9.30..- " Visit London's most modern
_ Restaurant Nloht Soot.
Covered car narking for 300-500 cars.
■■ MIDNIGHT IN CABARET
■ . T ONIA B1RN- C AMP8 EU.
VAUDEVILLil 836 9988. Fully afr eond.
Evenings' 8.0. Sat. 5 30 and. 8.30.
i ".KENNEIH MOORE
is always A D€t fGHT “ • E " Standard.
„ „ in SIGNS OF THE TIME5
Bubbflnq romedv . . vvtttv anp
. purtwive ■' O M.r. "Great hin." PeoDln
%»*■ NEW VICTORIA. Op. vie: Stn: 824 067 1 . i ViCTOaT A PALAC L — »
S^Lfi-roPATRA cFrL 7-3 0>: Twice reghfly at 6.15 aad B.4S 7 tn c it
‘Vi- 1°): CORIO- A FABULOUS NEW -PRODUCTION. • 55, SS^C«L52;.iS? b hi.5ii5.
-„ T ?' 19. 22. 2SL Booking BLACK AND WHITE - . - X- Soecl^lM latgtfnei
MINSTREL SHOW OF 1973
in the second place as a house
orchestra re-seat'ines and the ? true Schubertian. Nevertheless J- or grand opera, could ever be pended hood nf pleated plywood, lated as " costly hail"). She was!
■acoustical experiments uothink- made to function satisfactorily fanning out from a rose shape strong and beautiful in the j
make it u concert in a million. -■- '-“^‘ one studies tne History 01 me —j* 7 . , L 01 antony and cleopatra iftl 7 soy tn 5 pAfl* « Hs ” 1 aw 1317 .
He is now in his 92nd year. and. dull. The Schubert moved, too.; place it becomes clear that many _ an,i cantilevered nut over (he ex- its acoustic quality. Miss Nilsson J^ 5 A /^ TO T N , ,C “! corio: a fasulods new ^rodoction. ' : * 4« s '
during his slow progress to the with heavy tread, but also with! factors were at work, and ltlat ^ r!or 5” r 3 ,do 'I s chat ?,ve access enj0 wr Ju — and we scape .S rr 10 ^ 1 ^ B lani£ ’ .^'--VibiiiEY uSes °BAREARA l w l KrKOR
podium, the mood is inevitably a n exquisite dove-tailing of string 1 one of them was growing con- down both sides. _ . _A er \. ^ lth . . especial rsc ^t^t' - b
sombre. But when the music- a „d wind in the slow movement ■ cern whct her the main audi- The seats are of silver birch. ^ ar roth of feelin^. making much ambassadors. 836 1171 . EgTSo limited run, must ino pec p eter
making begins it is immediately “ J ."** ^ ement '! torium. planned primarily 10 wmch is attractive, upholstered of the appropriate epithets, she “ J ? Hll Tu « sat. s.oo ^ 8 oc.' oua vie. the -national -theatre: . --
clear that thins! are S . they hf ° U h % h '‘S U “" *rve as nlnrge concert ball and in a puce mnterial whicn i» not. intn "Dich leurer ?c r, aiiLcH G E , ^ I “ AP - '? 2 ' . 7 “ : • . ' «» ■ “ *S! B BS g? B :
■iiH-avc ha vp hpon Thprp arp the porjsijig uy ^llicb c*in ttll second place as a house The roof is white — a vast sus- Haile ftobich could be trans- apouo' 437 JiS Ewvnirmc~iTn w®d.. 7 jo- Thurs. z^is vkJ ■ 7 .sor * ; s 'i 25 °-
orchestra re-seat’in§s and the ? true Schubertjan. Nevertheless f 0r eruD d opera, could ever be pended hood nf pleated plywood, lated as “ costly hall”). She was L h <^ : s 3 ad^ht ^°- . fw. and M™. 1 E . mi ^ fll f lr, f v&K^
acoustical experiments unthink. u . W S*..' , 5* J Va ,^iL a ?J e t dmg made to function satisfactorily fanning out from a rose shape strong and beautiful in the wenSy craks** THE ««^owb*iii^ ' 1- yNOEL ^cqwaro s
able from a nv- other conductor chl J nks e e fJ" e 10 hear j in either capacity if it was to over the platform, firs! sloping, Lieoestod. brilliant, exciting and "rnkhiw toM 3 - 1 r htrrr - irr n tT ' " ***-
(strings to the left, wind sharplv and nev , e ^ t ^ ey Spe, V ed h^ equipped for both. In Jorn next dropping sheer to form the affecting in Brunnhilde's Hit American canSe? Fri: anujat. a.oo^ md. s ^o.' . * . ■■ t«i..
to l the rteht; 12 cellos ^ more in more replete with red corpuscles. Utzon's final scheme, the hall, upper section of the walls, and Immolation. - ^ gg PAramK Jaus._^ ? ,suPEKCTAg,. wt m »iA£L 9^7^:^ 6 5 S i7 W
number; to mv counting eye . A JJ nl,ia 5 t o-vultant^ ffieiui for concerts, seated 2.500 people, then bending outwards to roof The Sydney Symphony played a a ” d “ ss s,uf. on ! U t 5 ’ajfo' "^NSl.u^e.is W 4 S^ ^ciSa i” 3 ' macSeini?I
than first violins: violins divided Uvcrt u re. fiercely dramatic. not; anc j 2 .00° for operas. At con- the "jury boxes. At first with big. full tone. Charles " A Mack sww ■ r?po^ter fionS^Ichmond
into concertino and ripttmo in SJI?JT e, n certa - the orchestra was to be encounter this hood--a huge. Mackerras's approach to Wagner. Patrick car gill .john^y N hackS^.mS?Kw. wwy pyjaiK Y t(tc d s
Schubert's Unfinished to empha- ^ Jn^olv as aTiv/ £?.& [ to the hack of the stage, '[ »« inw = rd - is limwt.'i K
sise lieht and shade). There is ? nc,antft °i?’. * ,s . ,’. v i? 1 - s while the audience lapped l h J t stops short before it at any rate full-hearted, and very of . nov. 12 j*eji Jdam z -•**. onhr. tvm. at b.is. fh. and - s w . 6 . 1 s and 9 . 00 .
-the unanimity a*nd bursting rich- through the proscenium arch to reach e^ the main outer walls- sure. His meistereinger Over- 3,^^. . -m, magni^S^s^ Tlmes .
n^ss of string tone (this time F ' re D } Vn *7 ure ; fill the front, part of it. makes one fee a little uneasy. lure, which opened the pro- _ -A_hil ariou 5 romp.- iP W i e , Pg* ; . » JS?- J . y o u ng vic ibv bid vie i rTiiu
the nihitro* was the R val ut . 3 sl, :' ht, >' lower leve. nf ^ It is also visually very busy, gramme, flowed exuberantly: <*HSS c „S‘fWFft *«_*«!, .XIScSFaSB XlSiiur
Philharmonic, almost ucrecog- fchievement (ensemble a 1‘ttle, . ^ bath awusticailv and quite apart from the rose and and the climaxes of Siegfried's ™™£l'£3gS 72F% S ' i “ -iff nJ * CK -A N ?- TI « . ^ « T -^ r -^ — ~ riKgM , g
nicahia in tL aLv nmnlituriA nf too warmly, relaxed for its own 1 P.. sj ' l)v :iur ,. jrri . , n , * in , nv the ribs and pleats. _Protuber- Funeral March showed that the .v^qcKYHogggK show 1
.acoustical experiments unthink- „ .. 1 ®*ae to function satisfactorily *■>***■*>*>* a r.j S «r suave am ^uhujui in me
able from a nv other conductor ch ” nks we e f/" e 10 hear j in either capacity if it was to ° v *r .the platform, firs! sloping, Lieoestod. brilliant, exciting and
(strings to the left, wind sharplv and nev . er , taey seei » ed be equipped for both. In Jorn next dropping sheer to form the affecting in Brunnhilde's
to the right; 1 2 cellos, more in ? 0r l ‘SP-X? Wlt « ™ rp ^.‘ ;les : Utzon’s final scheme, the hall, upper section of the walls, and Immolation,
number, tn mv counting eye. £ brilliant, exultant, tiienzi for concerbj soate d ^.500 people, (hen bending our.vards to roof The Sydney Symphony played
AFDLLO 437 2663. Evenings ,
Matinees Thur. 3 0. Sat. 4.0.
ckp Ijeht aod shade). There is P ll?ianc,n ^*> a *. a *; v f J® a A vl . s while the audience lapped *hai slop^ short before it
.the unanimity and bursting rich- f'J* 1 ^'nL^v’ntbfire throu?h the P rosceniuai arch t0 If a t he? rn l ? P f .JVJ ler '*' a,ls—
ness of string tone (this time “Stiv lhe from -Part of it. makes one fee! a title uneasy.
1h 0 nrrhn^lrn umo: the RavbI at . 3 sll - htl > i0 ^ r . leV « . lr.nL-^ nr, :h,- II 'S 3lSO VlSUallj Very busy.
S HNNY HAOCDT. PH1UW 6ENTY . . FY J AHA TOPS ■ "
Ht Scar ROGER WHITTAKER-*' CO,
nor. S GHbrrt O'SutllMn. ,1 v4e. only. WYNOHAM-S. 836 3028. Mon. to Thur.
Nov.- 1 2 Jack Jones 2 wks. only. Was. at -8.1S. Frl. and -S*t. G.1S and 9.00.
Norr-XT-fcr 5 . Night* only,. . . GOD5FELL
Engiibert" Humpmftncfc - “ fS MAGNIFICENT." Sunday Times.
nibble in the easv amnlitude of IUU " rt ‘ ,l ."* , * 'V •»«"«' nhvsicallv iwkjrd- and in anv Ul - riW!> a,,u P*«ais. Protuber- Funeral March showed that the — — _S!iasS W,TT
its p’-ying). And rfiove all there " jod al . lb 5 n d ^ihe^PrWuL 0 ^!^ ^ v ^ nt Australian Broadcast- nvT r hf lhe hal l, " u | d . effort, . ess, - v hold » Thurs? 3 f.o.“ii. g-§§'
/.F Names*). dfiG uie Prelude drill.- _ . djjio roof, dozons of black boxes uood deal nf sound. paul scoffeld m
STAGE Mo n . to Thurs. at
9-00. Frt.. Sal. B.00 ana 10.00
THE ROCKY HORROR SHOW
YOUNG VIC I by Old Vic). 928 6363.
Tnt 8. MUCH ADO ABOUZ NOTHING.
are the performances — of a from Trirtaf . ^ ing Commission, which supports
great-hearted conductor. as / Jide £i velT w i th?the uSS S - vdtlL ‘- v Symphony, wanted a
deeply musical in. approach as {*£"■ JJJf" lh ^ l0 ° g _ , greater seat«r. 5 capacity, a larger
they arc thrilling in sound. bitterly regret not havine heard ' vo i ume of r ? s .°P ant ^Paee. and
Thrilling, that is. once Mozart’s str.kr.wski do Wagner § ln ns r^nn' Perer
Figaro Overture was out of the pr0 per place. Still, who knows? j
way. Presumably Stokowski has ho is only 91. . . ' the arc htt® ct ''ho succeeded
always placed the piece with a * Utzon, provided all three hy a
11 / 1 a h« n r4 r. M j Uf V moDCDT rir^StlP St rnkf*— —iM Vin:? Iin Thp
main roof, dozens of black boxes good deal of sound.
Wasnr*‘rian-9i7j?d band, and sees
“'"“"“•iin wver- "PLENTY OF . FUN.- .T|» ti™i. Engi-bm - Hiirapinnnck r . . ~ IS MAGNIRC6NT." Sunday Times.
ire. Which opened the pro- — -^.hil arious romf.- .People. »*. z ■ -i j^gnir. w u ng vic ih» bid vie i aa iTis sY
■amine, flowed exuberantly : c tf^* c c ..“1 *“!. ■ c . • .ti«: 8, much *po about wmiuG
id the climaxes of Siegfried's 3 oo°' Soo* 15 " JACK and tm. bea^alic^ —
iinoni i Mnrch showed th-it lhe ™ e ROCKY horror show phoenix. . mb 86i i. . _ •' CINEMAS :
‘ u I COMEDY 93 d~~St 5 ' ’ Evenings 8 J). Sat: 5.0 -aml 8.4C. ADC 3 . Shaftesburv Awe. 01-B3B 8861.
ill could effortlessly hold a Thure 3 n iSk S'S2' <M1K. WNi- j.0..AII gg aw. Ei.i. - WalWr.Manhau. Slwree North. CHARLEY
rnd de.l nf *;niind PAUt sewii ( 8 - 30 ’ TW® GSNTLEMEN- OF -VERONA - VARK1CK OC». Sop. Proa*, viflt. * Sun.
ioa ae.li or sound. savages the hit jmUsica!,. m.-M0.,M5. all seats bkble.
pe x*rssisssr A^ --ai -eas - Ma r
xr j , _PER^RMANC t |N WEST END.- f.T. sin": - Suprt ^on«." DT^TN«iraph. ,DU«M RPSS-^LADY SINGS THE BLUES
New dates at criterion, aao niiC to FrtTi: SPECIAL PARTY. Rates . available, a X -U ^V^i-rxSb^iaLr 2 ' 00 - 340
s»t- s.30 ona 8.40 Matinee* wed. 3. SSS5I . v rr J^T r 2SSS SSnT5oT5T llW - Att mats bookable .
the Old Vic* Ajfn| ra CALMR^MARSHA! i T^M^.SMsT'S.O and 8.30.' FHjnv air lond. ASTP MA. C ly rtng Cn» Rd. iSBO 9562 ■>
LI1C W1U VIC biimS ^! c 5 a 2 ANGELA L*M®MW JR..- . ' .RojorMoora osjama Rood
Franco Zeffirelli, the director 1Xtst j ^ UR ^ nst ^ "smash WT G r^GAL.” :p: Ex u. 5 jo.
thp V.’itinnnl Thpatrv's npvt "funnieat rsi tphmm ■■ c placfl n«iirM' dh • ! gimm 1 '- 1 5-SO, 8.40, Late
Nuryev's extra New dates at
performance with the Old Vic
Australian Ballet Franco Zeffirelli, the director
Rudolf Nurcyev i« dance of \ he Natio ° al Theatre's next
- P ? U *- SCOFIELD in
SAVAGES by CHRISTOPHER HAMPTON
FAR AND MAY BEST PLAY AND
PERFORMANCE fN WEST END.- pf.
ANGELA .L*H«Kh*V JUt ... . . ' -MW MOON
pmmw hmmS 1 * 1 " * "smash hit mu si ga l.- .: ot Exo. L-Cwn- Proip. Weetc
"FUNNIEST COMEDY IN TOWN?— EJS. PLACE, .DukM - RtL. ! Ellston.' 387 TO3t [ to.'Tl.lS®
j:.' . “ , « a,.L«; .-.ui ok nil vveanesua). f., r a h-.« wkwl'ihit rha nfficial ~ s*t. 5 . 0 . b.m. Mat. woo. 2.45. ■
auditorium into one large, open 0r .,_ llV . r •» .. tore has asked that the official Donuid sindjen. jpaa greenwood in
halL The area beneath the stage. Previously opening he moved to Wednesday, **■
intended for scene-cbaniie® 11 *■ nounced. he w.ll dance on 1 he (.fetober 31. Because of this the Qjrwtw ay jonn dexter.
scene-change®
499 3737 !
connoisseurs'
cognac
The recall -c rhut th- Svdnw hi- productinn of /mr, cancelled and are replaced by now, d. m>ii. ^Vmono — mwe rM ! ~Tiim rI:
Opera House has no opera house which will featur. R chert Help- Saturday. Sunday. Monday. ■ «d S a.3o 3 m. t ^5 9 R e dTiriS§; ^u^raymonixs
!n which large-scale grand opera m:j ^ ■ 1S Jfjn Quixote. Those who have already TransterTln 9 rn g E| ®* RRICK theatre glamour - EXrti ^ aqan^ t” 1 -
can be played. The Concert Hall The opening perfornuncr* of honked for the Cherni Orchard now in its fourth year c " rma ra “ - re& "
is for concerts only (well, it can the company's Srri I.nnrlnn performances affected by the ^.- D ^ in't'
also be used Tor conventions, and reason since 1965 Will be programme alteration are being aTan. tM« w£i •-Ms rSh
possibly by dance companies (hat attended hy Princess Margaret. notified. Tr»»ucr> FonSy^r, Octcsc g.
a LA ra? jssarx ^tcs l wownns!
tF 7 ? 5 ; • 7?sr. gBsa^^^vr rr F rt -
thStre A Glamoo^°^^I^aS^^ W - "Syjfr‘4^ P YTitt”rSn
THE , GOLDEN- GLITTER , - . - f.7 1 ' -GARRETT AND BILLY THE KID
™ E (Xi..TcsgmBWS 2.0. 4.TS. 630. 8^45.-
.. : £■(*' shaw FH. MM SH . Hits V.m.
IYAL COURT. 73JI 4-745. . . .- >.-*'• . •• .'. _ • . • .'.
Evenings - CIPffiMAS ARE CONTINUED
^ratted hr™ N«£^ANp«SOv ’ ■ OftjfAGfi iJJ -
_. ■- -THE FARM .
JLcdttcd by LINDSAY- ATKKRSON
.4
The Financial Times Tuesday October 2 1973
WORLD TRADE NEWS
BRITISH EXPORTS
Benson and Hedges to
manufacture in Japan
Scotch whisky sales
increase in August
FINANCIAL TIMES REPORTS
BY PETER DUM 1 NY
' - TOKYO. Oct. 1. EXPORTS OF . the four main However this year's bulk rnidt
THE Benson and Hedges brand duction starts “next summer.** that now concluded with BAT. categories of Scotch whisky— -of whisky exports were up .84 per
of cigarettes will be manufae- both because price w.H be An Austrian brand, renamed 0^™® j ii “ cent, in volume and 91 per cent
tured in Japan and a Japanese and the dgarettes “Old Splendor," is being pro- “ value' to 8.6m. gallons worth
“ i» iU dUtaSl _ „ ~ W oP STi * W
lie State Tobacco Corporation complete distribution to ^ be ? c n volume and 388 per cent .in gallon on average.
has announced in Tokyo. retailers!. Benson and Hedges at 2? 1 p * JSSPSl duria S August as compared Bottled malt ' whisky exports
...5* * B- restt * £ or , cross- Prescm ^taUs at Y1S0 (2 Sp', jfi * '*%*• h “ !“ ** .«**"*„*■
Until now Benson and Hedges’
cigarettes have been imported
rli USE Tac“ of“4 fSldth“° 0 fa h “cmcX .»£
^ W “ IC 4 controls are advanced for a joint venture Ported by last year's dock strike v,i— . ■
Clgarette Production and in the U.S. launching a cigarette which cut August shipments to * conumied to
im Ports. “suited to the American fgSf dormnate exports, and rose 82 ■
, Until now Benson and Hedges’ T ' * w ■ market." . . t fthS raieSar £ r cent 7^™ ^ ■■tog
cigarettes have been imported In . , BAT ’ S / According to Mr. Kazuya Taka- year runtS ag total is similarly !££.. ce?lt - 1,1 value to a .total. Mr, Edward .Heath gre
from Britain, but in a minor wav. owned BAT-Benelux.^Etes Odon hasbi. chief- -'manager of JMC’s distorted, and shows an apparent valued at lOf Downing Street yeSter
imported cigarettes account tor *? ri “ d manufacture Hi- StoSg Division, &££%( SZ “S'" f about vSs iutwnathim
° £ 1 Per cenL of JMCs ra£aJ!SS^¥ there are Mlikei Y to be more and 33 per cent in .value, com- • .
annual sales or more than Jap*®,®*® brands. Distribution, at sue h agreements until results oared with the same period of ™ bulk rote only 21 per cent, in ■
£l,S00m. Benson and Hedges ^tially, will be confined to ba Te heea evaluated. Sales of last year, to total 47.6m. gallons joiume^and^ per cent- to. value ’ ' . _ - • ' .
f °r 1-7 per cent, of BeneIux - Benson and Hedges in Japan worth £157 .8m. fn
imports. ranking 18th in It will be Hi-Lite Export's were expected to be far larger The largest percentage increase ,. leS8 tnan- £L50 per proof . \ TI IlC 1.I.C t,Vr
popularity among foreign brands second appearance in Europe than those of the Japanese brand in the period was made by ship- g _ on ~
on e “ .-top* 11 - (The best- loot counting an abandoned in Benelux — “our market is six meats of malt whisky in bulk Exports of all other sp&rtts _ 1
selling British cigarette in the attempt to export the cigarettes simes bigger" — but it was hoped containers, mostly for mixing were similarly distorted in both * |T|3Kc
Japanese market is DunhilL with from Japan to France). The that BAT would make an effort overseas with local spirit/as most August and the period. This . . ■
a 5;' Per cent, share of imports.) other was in Austria last month, to promote sales in that mar ket, notably in Japan, Brazil and the August's, gin shipments, for - 1 -g 1
The JMC expects a substantial when Austria Tabakwerke began The tax situation had ruled out Argentine. But this - year's example, aF 581,000 gallons com- . fQTAl • .nfOfll
increase in sales under the Licens- manufacture under a cross- any cross-licensing giving access details per market for -the period pare with the previous JL nXivr M. 1/1 MU'
Mr. Edward . Heafh greets Mr. Kakuri Tanaka, the Prime Minister of Japan, rabid
10? Downing Street yesterday. The two Prime Ministers speal mote than two torars MHn
about various fH t w yartynfi problems Including the fostering of better trade relations Detvee
the two countries. .
August’s 211,000 gallons.
CANADA INTEREST
IN EXPO ’74
make
razor blades
NASA role changed
as space trips end
BY CHARLES SMITH, FAR EAST EDITOR
rimp Ar worth SS76nu up 34 per cent, justify the decision of most major
time of last jear s normalisation on t jj e ^j ue 0 f ^ saine period Japanese companies to give first
TOKYO, Oct. L
«iuv cxjnrcui a euosianuai wnen Austria laoaitwerKe oegan me tax suuauou naa ruiea our Aigeauae. ou*. ■ uus ■ jou* ma^ww ^vui.wia- . ry '/fir . ■ > ■ -i g I -nuur tronCDArr rflBflgP QHDEMT ■
increase io sales under the licens- manufacture under a cross- any cross-licensing giving access details per market for -the period pare with the previous J. 1 /ImUvAj bt fvufAB. uoiin^ «Kiorn«
ing agreement when local pro- licensing agreement similar to to the British market, he said, are not yet available. - August’s 211,000 gallons. ^ m " « ^ • THE U.S. National Aeronautics years we will be- trying to .
Sm TZ '■ ■ — = — = — irk XToimlll ■ and Space Administration people’s attention to things .
T . 1 r-ATVATIA rvTtnrCT IJU : .. (NASA) wlttbe- plaring ioerMs- the earth resources techa*.
Japan-China trade seems to be on the mcrease cuj^jwterebt Financial Tlmes Reodwter '^d^wt benefit^TMple 'the environment, and
■ HaItU 74 • Gillette Comoanv is to on 'earth in the years ahead to energy programme."
BY CHARLES SMITH, FAR EAST EDITOR Tokyo Oct i. B * Art Garda £££ a blade manufae- ensnr « usefulness. / Dt Fletcher's view is that
TOKYO, Oct L LOS ANGELES, Oct 1. t^ng openSon in Nairobi next Dr. James C. ^Fletcher. adminis- space ' Ventures of the future-
PREDICTIONS OF a massive market tor Japanese products, still uncertain how soon China Japanese sales to China. This CANADA, which was the first year as a result of successful trator of NASA says m an inter- not likely to he the head!
increase in Japan’s trade with Japan’s exports to Taiwan in the will overtake Taiwan as a market was achieved principally by a nation to sign 'up as a partici- negotiations with the Kenyan view on the 15th birthday of the catchers of recent years, suti
China Which were marie at ihe first eight months oF 1973 were for Japanese goods and thus very rapid increase in sales of pant in Expo 74 to be held next Government. • space agency, setup on October the manned moon landings...
time of last vear's normalisation worth SS76m - U P 34 P er cent, justify the decision of most major textiles (three times greater than year in' Spokane, Washington, To operate it. Interproducts -fc- 1958, that the bulk of the “The only thing that n
, . >* drs normaiisauan on thp ^j ue of saine peno d Japanese companies to give first m the previous year). However, and the fim to withdraw, now Kenya is being formed with a manned space-flight effort is now compare with that would
or relations between the two 0 f 1972. Japanese exports to priority to trade relations with the Chinese are said to be wor- gays it will take part after all capital of about £325,000. Inter- over, with the end of the Apollo landing on Mars or. establtal
countries, seem to be coming China during the first eight the People’s Republic. Japanese ried that their trade may slip Bat arrangements have been products, it is pi"""*-*, will moon-landings and the first - two a base on the moon, and t
true, to judge by the latest set months of the year increased to companies now tend to deal with back into deficit as a result of made only for “a' modest but have* a 20' per cent. Kenyan Skylab earth-orbiting missions are far off in the future. I
of figures released by Japan’s a total oT S646m. Taiwan through subsidiaries or further heavy purchases of unique” Canadian participation, shareholding. completed. are technically possible, but r
Ministry of International Trade Japanese businesmen who have “dummy" groups whereas, until capital goods in Japan. says Mitchell Sharp, Canada’s Gillette’s only razor blade fac- Only one - further Skylab now we feel we ought to ail
and Industry. been- following the progress of two years or so ago, this treat- Fears of this kind may in part Secretary of State tor External tory on the African continent is manned mission remains before the more useful ventures."
These show that, in the first trade with China expect a further mem was reserved tor the China expkin China's, recent hints of Affairs. in South Africa. It is expected a long hiatus in manned since- The key to NASA’s fa:
eight months of 1973. the two sharp acceleration in the rate of market. willingness to involve Japan in Mr. Sharp’s ami n imrAmw t that the new operation, with a flight until the first- Space Shuttle manned space-flight plans is
countries did more trade than in exports before the end of the The very rapid rise in China’s the development of its offshore made no mention of the earlier workforce of 50, will be able to is .launched in the late 1970s. Space Shuttle project for
the whole of 1972, with a 98 per year. The reason for this is that sales tg Japan during the first oil resources. " Two major withdrawal, but there had been supply some nei ghb ouring States The NASA budget is therefore re-usable space-transport syat
cent increase in the value of Japan is now delivering capital eight months of 1973. means that Japanese companies, Mitsui and pressure from business and as well- as Kenya.- likely to face further retrench- that will cut the cost of kunct
China’s exports to Japan. What equipment, including ships and the traditional heavy deficit on Nippon Steel have recently Government in the . Western These markets axe at present meat. men and satellites into ea
is not being stressed, however, industrial plant which was con- the Chinese side has now almost- reported enquiries from Peking provinces for some represents- supplied by British. exports under ■“There win be a crunch, that orbit.
is that, despite the huge expan- tracted ' for immediately after the been eliminated. The total value tor technical assistance in oil tion by Canada at the S60m. the Naoet trade name. This much vou can. see- comma." aavs rtr Fletcher believes the Sr
is that, despite the huge exp an- tracted for immediately after the' been eliminated. The total value tor technical assistance in oil tion by Canada at the S60m. the Nacet trade name. This much you causes coming,” says Dr Fletcher believes the Sr
sion of trade with China, Taiwan “ normalisation ” agreement in of China’s exports, at $585ra. was drilling and for help in laying world's fair scheduled tor a six- name will be retained for the Dr. Fletcher. In its 'first 15 years Shuttle when it sTarts in
continues to be a more important September 1972. However, it is only $80m. short of the figure tor undersea pipelines. month run beginning next May. locally produced, blades, which NASA has spent about £2bJQOOm. 1978 with its first test flight,
^ . . . . ' ^ - " — —r- “'will be of. both carbon and stain- on various space ventures, in- change the image of space-fii
less types. . „ . rinding the. Apollo and Skylab Dr. Fletcher said that 3W
Sinclair Cambridge The pocket calculator As you’d esject in a SiDdair calculator irs verygood- far tbi.mxt few money on'ather'spece «
Sinclair Cambridge The pocket calculator
for people with sensible pockets.
This is a numerate age. Facility with figures
probably means success for you: for the next
generation it may quite literally mean survival.
Already, calculators are basic aids for many •
children, supplied by schools - and encouraged
even in examinations.
The Sinclair Cambridge is an electronic calculator
which makes no compromises.
It offers you everything you could expect to have,
at a price much lower than you could expect to pay.
Of course it works in 8 digits -not 6.
Of course it has 4 functions - add, subtract, multiply,
divide -but it also has a constant on all 4 functions.
(Too many calculators haven’t)
Of course the decimal point positions itself
automatically. It’s not fixed to 2 places.
This means that the Cambridge is not restricted:
it can handle logs, trig, powers and roots, as
well as extended commercial calculations, and it
keeps its accuracy through long chain calculations,
It works in a common-sense way: you enter your
calculations exactly as you write them down. (Take
10-6=4. You can do it Your kid can do it Most
calculators can’t You find yourself working
through 10 ± 6«4, or some similar gobbledygook.
Try soma)
And if you make a mistake, you can cancel just
your last entry, with the clear-last-entry feature.
As you’d expect in a Sinclair calculator its very good-
looking - satin-finished, black and tan, and very tiny. :
The picture shows it full size.
It's under thick, and we haven't found a pocket it
won't fit snugly.
It weighs 3 V 20 Z- too light to bag the lightest suit
Its size means the Cambridge sits in your pahiLr:. ; ■
I ts contours and its weight mean it feels as if it grew
there. "" r:
E ach key stands well proud, and well separated
from its neighbours. Press a key, and the response .
is positive, with a distinct click.
And it works for ages on four slim penlight-type
batteries. They're easy to find, and easy to fit, and
your first set's free.
Incredible? '
Maybe. But true, all true.
The price is what it is because the Cambridge is aU- --
British, and Sinclair are Europe's largest calculator-
manufacturers.
The performance you can check for yourself .
easily. The Cambridge is available all averBritain,but if
you have any difficulty, simply order one direct from '
Sinclair. Send a cheque, and we will post you a
Cambridge- calculator; carrying case, instruction booklet,
batteries and alL Money-back imdertaking^Of course.
Sinclair Radionics Ltd, .
London Road, Stlves,Him!tagdonshirePiB17 4HJ„
factory manager, will be British,
but the rest of the staff will be
Kenyan.
Recruitment of Kenyan execu-
tives is already under way, and
early next year the recruitment
and training of factory staff will
begin. ;■
Expsmsiion. in :
..sborter-tenn ,
£ certificates
a By Donald . Madon
THE VOLUME of starting certifi-
cates -of deposits in issue rose
£286 -5m. in August to a. record
£5, 651.4m. The expansion took
place against the background of
a sharp increase in interest
rates — which saw the yield on
three-month certificates rise
from lif ,per cent, at end-Jaly
to .141 per cent a moutb later
The Increase in volume was
heavily, concentrated in shorter
maturity certificates, - however.
The amount erf certificates with
less than three mon ths to run
to maturity, rose, by £37S.6m. to
£2,650. 6m. or 4&9 per cent of
the total, while there was an
increase of £20L7m. to £828. Sm.
(or 14-7 per cent of the total)
in those with less than ar month
to run.
Secondary market holdings
were raised . by £145. 0to. to
£7942m.
London dollar certificates of
deposit' outstanding rose S264ixi.
in August to SSyzaOm. .
AUTOMATIC TELEX
TO ARGENTINA
Britain's 45,000 telex users can
now. use' the automatic' Service
opened .this week-end, to make
calls to Argentina instead of plac-
ing them' through the interna-
tional operator. -
Just published.
; strict
*<*.*,• . .
£ 29 , 95 ,
Incredible.
Profitable
Participation in the
Japanese Market
Eon On the PSak, Wednesday, October 10th.
A one day seminar organised by Internationa!
/ Business Communications and Japan Air Lines.
- PROGRAMME AND speakers
' Chairman: F. J. Watt
• • Ma nag in g Director, TJUft. International Ltd.
Opening Addressi by His Excellency Mr. Karuki Mori the
Japanese Ambassador^— introduced by Mr. K. Nohara. Vice-
E^erident Japan Air Lines, Europe, Middle East and Africa.
The Main Areas of Opportunity for U.K. Products
■ - - . . ‘ Peter Wakefield
Special Adviser on the Japanese Market British Overseas
t . Trade Board.
Present Difficulties of .Tackling the Japanese Market ’.
: Sado Oba
"■ Assistant General Manager,
Economics and Market Research, Mitsui A Co.
Hoi^ibPt rtte i p ite. Eval uating
Direct Export; licensing. Joint Ventures
• Ariiim Stoebr
PrindpaL McKInsey ft Co, Tokyo. -
FACTORS FOB SUCCESSFUL PARTICIPATION
- PDirect Export -
' THmd Wilson
Managin g. Partner, David Wilson A Partners.
. : -U Licensing
Ken Oshima
Deputy Manager, Dodwell’s Marketing Consultants, Tokyo.
- In Joint Ventures
Paul Henderson
• Managing Director, Matrix Churchill International Ltd.
, _ •. . ha^tolcvg special factors
I The Japanese Temperament. What Approaches to use
■ ■ t to Marketing
• »« ' w ^ DonilW Thompson
. Marketing Director, Chesebrouih-Pond’s Ltd,
Formerly Principal, J. Walter Thompson Co. LtoU, Tokyo.
U Taxation and Accounting Systems
-. YoshinorL Sano
• Audit Manager, Arthur Andersen & Co. Tokyo.
IU Marketing and Distribution
Fee £35 exclusive of VAT. Fully inclusive of documentation,
lunch and refreshments.
- For further Information contact:
Janet GemmelLlmernatiOnal Business Communications Ltd.
R am i l lies Buildings, 1-9 Hills Place. London, W.L •
TeL 01-439 1605.
INTERIM STATEM ENT
CTD RESOURCES GROUP LIMITED
hitermi Report — six months ended June 30, 1973
. TRE. DIRECTORS. ANNOUNCE THE RESULTS OF
~ GROUP TRADING
You’ll find the Cambridge at larger branch** of Boots and
W Debenhams; at all branches of Davis & Kays, Dixons, Greens
"% Leisure Centres, Henry’s Radio, Lasky’s, Lewis’s, Rymans,
Selfridges, and G. W. Smith (Radio); and at other leading stores.
Or write fora complete List of stockists. •
lai
Reg. No; 699483 EngtMd.VATReg.No: 2138170 88.
'R.R.P.4-VAT
. The most oetatied
survey of Japanese
companies ever . . ;
produced in English
Ooibnll him keen entfiog in jxpan
for over, a cewtury^ Now ' DochwriJ
MirWng Comal cancel . -Unit in ToKya
tux uunjsIM ip 400 pag« as index of
(ha T.500 teadiAW coffp ro b ri i- « te w-
iPt -their . lSBuiAnsr..lh the '.nniqu*
lapaoese qruem of indtwriaJ jrapp.
I ngs " around financial and ' tradhiE. 'iiu :
toaRranc. . - - , . :
. It alii you the conHnw, produca^-
wnwrtr, profit!, caprui, ounber of-
«nptojr*<*.‘ *«*««■ of tfej wkh oifiiir
Companici .t . -mr y racnpwqr' 1» ^VM'.a.
rptum : ‘ •; . : ‘.V 4 .
* (ndunrfal Grouping in jijnh " u
- a major' work proirUlns an essehtiai '
* fuW* . to hnliMwmn -lntudiiH or :»
already ' trad his .In dt* com plot mdo*^.i
trial environment of Jspan.-
U.K. price £5U~3 or nww copies
£42 SO etch.
Aik. far sample pages or amd'‘«haqur
to: - . ,
Dodwell & Co. Limind. • •
Uaiw Department (FT),
P.Q. Box i39. . ■ •,
London -EQMLT. . /
Tsl: 0t.SM-d040. -
DPDWELL
»' forte 'in •
faeamatfaMi tndt
Half-year ended
June 30, 1973
■ £ BIS
Gross Mining “ Pro- •
-mm TKJB97
i nterest '
Dividends ; ....
Proflt/Lbss on Dis-- :
" pos^ .^of Invest -
Half-year ended
June SO, 1972
£ * MS
154,798 1,052,62-
SSK: '■ Administra-
tive' Expenses ...
1WS
30,505
.'..706
' 74,465
185^04
4^300
15,399
40,040
104,71
272J28
(33^548)
<204^40)
530
3^0
60^29
55169
380,59:
TJS23
45,826
10,856
73^2
- -14403
45013 306,77
“ d “• ■"c “
: >■ --f By Order of the Bearrf .
'^NGAP^KE jdwernational merchant banker.*
: ' Secrrtariai
•v"
f viancial Times Tuesday October 2 1973
1 ? •• ......
1ERICAN NEWS
'Soli meets Nixon
Charter
V1ER ORTOU.
Pomiuon Market
an a two-dav
OiT this morning
vat the ..White
dent Nixon and
Stated Dr. Henry
wiie immediately
bout- the content
discussions and
"due to carry
>r, Kissinger this
. ion : Presl-
jrity will clearly
>eet"some of the
U.S. AdnunistTa-
nowu to the Corn-
response last
'ssinger's proposal
{ ntic Charter. The
tfjjve not replied
* v ; e document sub-
Nine, but within
thfe White
out word that
not, after
to undertake his
visit to Europe
^ Nine,
S|‘3 j».- . it
t L I 1 b in s oir
v \ might
»r communicated
ointment with the
Community's response to a
number of Foreign Ministers of
the Nine in New York last week
and senior officials of their
Foreign Ministries attempted
over the week-end to tighten
the document up in a series of
meetings with Mr. Walter
Stoessel, Assistant Secretary of
State for European Affairs.
The Americans have made it
plain that unless the Community
can reach agreement on what
they- regard as more substantial
issues, including, in the NATO
context, defence, the President
would not consider the visit
worthwhile.
While M. Ortoll Is unlikely to
be given a definite answer one
way or the other, the Administra-
tion has nonetheless been blow
ins a little warmer about the
visit than It did last week. The
White House said over the week-
end that it expected a round of
talks between Dr. Kissinger and
European Foreign Ministers to
be held towards the middle of
this month, possibly in London,
to explore further the chances
of making something out of what
little there is left of the “ Year
WASHINGTON. OcL 1.
of Europe."
In . the meantime, the Com-
mission President is .also ex-
pected to discuss with his hosts
here the prospects for the
Administration's Trade Bill,
whose remaining sections are
likely to be voted . on by the
House of Representatives Ways
and Means Committee later this
week!
The Administration's view is
that the Bill is making as good
progress as bad been expected-
barring the issue of most
favoured nation status for the
Soviet Union, which the com-
mittee has blocked until the
Russians show some willingness
to soften their emigration and
civil liberties policies.
Although the ongressional
battle is far from through, the
President is hopeful of getting
his mandate to negotiate by next
February or March, when the
procedural stage of the multi-
lateral negotiations is expected
to have finished, and be will
doubtless point out to M. Ortoli
tbat the commission itself is
unlikely to have a mandate from
the nine governments any earlier.
Uruguay’s firm
stand on Marxism
BY OUR OWN CORRESPONDENT . _
MONTEVIDEO, Oct. 1.
AN INCREASINGLY firm stand aappings conducted by the Tupa-
against Marxist influence is being maro urban guerilla movement,
applied by the Uruguayan On Thursday, the National
Government, said the Foreign Security Council, formed by
Affairs Minister, Juan Carlos high-ranking officers of the
Blanco, who is attending the armed services and members of
38th UN General Assembly. the Government, issued a com-
Relations between Uruguay and nmnlque indicating that in-
the Soviet Union have reached ternai measures" would be
one of their lowest levels in the taken to prepare the country
past two years. Soviet Arabassa- against the ‘'aggressive action
dor Nikolai Demidov, who had that international Marxism
been accused by some news- carries out in our Republic,
papers of being a KGB agent. Interior Minister Col. Nestor
was summoned on Friday by the Bolentini was asked if the out-
acting Foreign Affairs Minister lawing of the Communist Tarty
to learn the Government’s posi- was imminent, but he answered
tion on the international Marxist that that was a secret and that
movement and recent Chilean any action would eventually be
events. taken by the Ministries in charge
Ambassador Demidov bad been of public security. -
[-previously called in in May and He also quoted the inter
June, 1971, by then President American Defence Treaty, which
Jorge Pacheco Areco, who had admits of collective action when
warned the diplomat -about a member state is attacked and
alleged intervention of the USSR its territorial and. political inde-
in the mounting wave of Kid- pendence is in jeopardy.
- reports on Penn Central
i .•
:W YORK STAFF
2 years of debate
ind cons of liqui-
rganisation in the
Railroad bank-
dings, arguments
!. The Interstate
■mission, which is
jidation. has just
> objections in a
.*d to Judge John
s overseeing the
intains .that more
needed on which
II best serve the
T.S. It is planning
i carings on this
ill still be a ques-
ing the rights of
creditors which
the judge's deci-
liquidation seems
teurer a reality as
and the railroad
lose millions of
*„ »onth. which erode
the assets of the company, and
reduce the creditors' chances of
recouping their investment.
The threat also looms omi-
nously on the horizon because
the Administration and Congress
have been unable to reach any
agreement on a -viable solution
to the railroad crisis.
Congress has suggested a num-
ber of plans, of wbich one of the
most comprehensive is sponsored
by Brock Adams, of Washington,
and Richard Shoup, of Montana.
This would an tho rise $2,000m. in
loan guarantees to be offered by
a new Federal National Railway
Association — known, naturally
as Fannie Rae. These loans
would be used to revamp the
system- and to pay off creditors.
The legislation would also pro-
vide S200m. in financial assis-
tance to the workers who would
lose their jobs when the railroad
was restructured.
The Nixon Administration has
NEW YORK, Oct. 1.
been categorically opposed to
committing the Government to'
substantial underwriting of the
railroad's reorganisation. While
it has suggested that some Funds
would be available in the event
of a crisis, it hus not wanted to
be tied ,by legislation to what it
considers to be vast expendi-
tures.
Congress has not presented a
united front either. The Adams/
Shoup Bill has not .received
universal approval, and the
House Transportation Subcom.
mittee sent the legislation on to
the commerce committee without
the usual recommendation in
favour.
Observers suggest that it is a
stand-off between the Adminis-
tration and Congress: That
neither one wants to be held
ersponsible for the cost of a rail-
road re-organisation, and each
hopes that the other will be
forced to make the first move.
Trinidad Premier to
retire from politics
BY DAVID REN WICK
DR. ERIC WILLIAMS, who
announced over the week-end at
the 15th Annual Convention of
his ruling party, the People's
National Movement, that he was
quitting politics, has been asked
to stay on until a successor can
be found.
In a lengthy speech which
bore all the hallmarks of a fare-
well address that could not be
reversed, Williams said his dis-
illusionment with the failure of
maqy of the objectives he had
set for himself and his party
was the reason for his decision
not to seek re-election as
political leader of the PNM and
hence as Prime Minister of the
country.
He listed the failure of the
Caribbean to integrate in any
meaningful way, the confusion
on the local political scene and
the problems of the national
economy as among the un-
resolved issues which had
brought him to his decision.
PORT OF SPAIN, Oct. 1-
Dr. Williams did not say what
he would do in private life but
be indicated that be would
continue to live in Trinidad and
Tobago.
BOMB DAMAGES
LAN — CHILE’S
RIO OFFICE
RIO DE JANEIRO. Oct. I.
On explosion, apparently
caused by a bomb, ripped
through the office of the Chilean
state airline Lan-Chile here to-
day.
Considerable damage was
caused and several people
injured.
The Lan-Chile offices are
located on Avenida Rio Branco,
the main avenue of the City's
business district Police and
firemen rushed to the scene and
a gigantic traffic jam built up as
police cordoned off an area sur-
rounding the office building.
Reuter
I \; ; U -:’n..;,kD AND TOBAGO
’ * ‘ *■ ' f 1 cl ' ‘
TOR has emerged
1 Tobago's political
porancc of a small.
effective, clnnde.s-
crating out of the
ribed by the public
as guerillas,
las stayed a series
niseri raids on
’Slablishments. in-
muiti-iiiillton-dollar
scalier station
nidad and Tobago
’ommunientions (in
ind Wireless holds
esumably mount to
f the island's links
;ide world, though
.icatinns blackout
■d was only tera-
;nns. as a visible,
w and «irder." have
t popular target of
oc force, as have
licemrn themselves
■en shot dead while
bin the last four
? stations have been
ho past 13 months,
m bring stations
>il companies 5 ,
s serin to havn a
ose: the securing oT
nmunitinn and the
of the police, pre-
i means of demon-
ic public the effoc-
the guerilla force,
recent strike was
at a small police
vina the fishing
iteint. nn the north
id ad. 73 miles from
'ort nf Spain,
policeman on duty
was forced to flee
and tho attackers
Guerillas in the hills
BY DAVID RENWICK, PORT OF SPAIN CORRESPONDENT
"It is the first time the guerilla phenomenon has
appeared in any Commonwealth Caribbean country’
made good their escape with 13
shotguns and a considerable
amount of ammunition.
Tnnidad and Tobago's public
first heard the word guerilla —
normally associated in most
people's minds with revolutionary
warfare in South East Asia and
urban terrorism in Latin America
— about u year ago. when the
first arms snatch took place at
the Texaco Trinidad police
station in the Forest Reserve oil
area in south Trinidad.
In the process of attempting to
track down the raiders, the police
came upon a number of what
appeared to be secret hideouts
in the forested areas of the
south-west, where the major on-
shore oilfields are located.
This was Ihe first evidence
to become available — even to the
police — that a group of extremist
elements in the society had
chosen violent confrontation
with the forces of law and order,
and a clandestine method of
operation, as a deliberate work-
ing philosophy. Intelligence
activity has since then brought
to tight much more information
about tile size, and composition,
of the guerilla force.
The police believe the hard-
core terrorist group numbers
about 50 and has its base in the
hills of Trinidad's northern
range, from which small parties
fan nut jround the countryside
to strike at pre-determined
points chosen for maximum prac-
tical and psychological effect.
The number may sound small
in terms of such movements else-
where in the outside world but
the significance of this develop-
ment lies in the fact that it is
the first time the guerilla
phenomenon has appeared in any
Commonwealth Caribbean coun-
try, all of which have tradi-
tionally had a healthy respect
for the democratic process.
It is being said that the arrival
of the guerilla element in local
life is a natural outgrowth of
the 1970 street demonstrations
and “ Black Power " disturbances,
which brought a new aggresive-
ness into political activity.
Certainly. Trinidad and
Tobago's politics have been in a
state of turmoil and indecision
since that time. The election of
1971. in which Dr. Eric
Williams’s People’s National
Movement won all 36 seats,
manifestly failed to stabilise the
situation.
Those committed to democracy
— which would be the vast
majority of Trinidad and
Tobago's citizens — are 'pinning
their hopes on Uie Constitution
Commission's report, wbich is to
be completed before the end of
the year. That report is expected
to suggest ways in which the
country' can reform its political.
and social, system in order- to
make it more responsive to the
needs of a wider cross-section of
the population.
The guerillas in the hills, how-
ever, who call themselves the
National United Freedom
Fighters have abjured gradua-
lism and consensus, and opted
for “ revolutionary violence."
wbich they claim in their
pamphlets is “ the vehicle
through which political activity
must take place and political
power realised."
The pnliticai objective of the
guerillas is not oaly a change of
Government; it includes an ideo-
logical content of a fairly ortho-
dox Marxist persuasion as well.
They want, according to their
pamphlets, a “drastic change in
the economic system under which
the people buckle. History has
proved that capitalism, and its
international ally imperialism,
can be rendered impotent
through the force of a people
under arms. That is our central
task.”
The National United Freedom
Fighters claim to represent "the
workers in the big and small
industries, the peasants on the
agricultural scene, the youth who
waste away on the street corners
and the suffering deprived
people.”
It must be admitted that, so
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far, the terrorists have had the
upper hand on the police
Despite marked concentrations
of policemen, backed by soldiers
of the Trinidad and Tobago
Regiment, the guerilla leaders
have managed to stay free for
well over a year and are
apparently able to strike at will,
as their strategy dictates.
The only major breakthrough
achieved by the police has been
the capture of a woman, a
20-year-old schoolteacher named
Andrea Jacob, on whose head
had been posted a reward
equivalent to £2.000— the first
time money had ever been
offered for information leading
to the apprehension of a female
in the history of Trinidad and
Tobago.
She is regarded as being a
sympathiser and supporter of
the movement and has been
charged with participating in the
robbery of £26,380 from a
branch of Barclays Bank on
February 22, the money from
which, police believe, has been
used to keep the guerillas
supplied with food, ammunition
and other items.
But three others on the wanted
list — one of whom, the son of a
former high-ranking civil servant,
now a university don. is con-
sidered the guerilla leader — have
eluded ‘all attempts at their
capture.
The small underground force
is clearly more effective than its
numbers might suggest and
police believe the leaders and
their followers have managed to
stay one jump ahead of them
because of the help they receive
from ordinary people, both in
the urban and rural areas.
In a recent pamphlet, NUFF
has spoken of obtaining practical
support “from people we have
never met before who take us
into their homes because they
know us for what we are — free-
dom fighters.” NUFF is also
believed to have some friends
within the police force.
Dr. Williams, the Prime
Minister, who is also chairman
of the National Security Council,
was obliged to try to soothe
public 'fears in this regard when
he said in bis Independence Day
message that be was taking steps
to prevent ** premature dis-
closure ” from inside the protec-
tive services of “ the measures
planned of effected” against the
clandestine elements.
Perbaps not surprisingly, none
of the orthodox opposition
political parties have had much
to say about the burgeoning
guerilla threat. The only com-
ment has come from Mr. A. N. R.
Robinson, Dr. Williams’ former
deputy in the People's National
Movement and now leader of the
Democratic Action Congress. He
has suggested, that the Govern-
ment is “ using the police force
to keep itself in power ” and that
Dr. Win jams has brought the
guerilla threat on himself “by
the policies he has been
pursuing."
AUTHORS WANTED
BY fl.Y. PUBLISHER
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The Financial Times Tuesday October -
+R
INTERNATIONAL
PROPERTY
CONSULTANTS
:<■ n a vi\ i k sgi : ARE. London wi r oah.
TELtPHONkUl-iOV SPI
TEL 1:0 HAMS KNITEFRANK LONDON W!R OAH
TELEX: :c 5.‘N4»LDN>
Edinburgh Hereford Paris Amsterdam Geneva and Nigeria
I
EUROPEAN NEWS
Socialist
revival in
French
local polls
Russians begin supplying’
■ i
gas to W. Germany
BY MALCOLM RUTHERFORD
BONN'. Oct !
*r itaMrt CotnwdW ; soviet NATURAL aas ' tech . Binrim benter at UK **}n. Wwsecucnr
sJsraS^. >=■ " a&SrsS:'
NATURAL gas Czech- Bavarian border
months ago
j mercial agreement ever signed are built to withstand tampon- Fruit-rielis. the Bonn Eetmou
Following his first appearance
on London Weekend and
Southern Television, Mr. Square
Footage will be appearing on six
other television stations during
the next two months.
WATCH OUT FOR HIM ON
THAMES
GRANADA
HARLECH
ANGLIA
TRIDENT
ATV
the voting, apart from the : o first contract, signed in centigrade. C^rivur: i":p»n* to «•■>* Sr/
Socialists, has been political i February 1970, the Russians. The gas will be used main ly _:n Unscn this •’.iru vr>; A
apathy. On both occasions some • agreed to supply 3.000 cubic Bavaria and is seen a_> something two and a-hulf isnwxs ar. fasr
46 per cent nf the electorate | metres a year for a period of 20 of a boost for the local economy. West Oi-rntany'^ enure fort
abstained, a record for any i years. In return, they bought not least because the part, of trade. Imports * - re "fovt
French election since the Second; 1-2 m. tons of large diameter steel Bavaria-close to the Czech border twice .Iowm-er.
World War. ; tubes for the extension of their i s one of the most economically Soviet Union still account-:
Neither is the advance of the!P i P® 15ne system from the Ger- backward in the country. les> than 2 p«*f :«•»■ of \\
Socialists likely to have any * man company. Mannesmann. Once in Germany, the pipeline German tr::de.
tangible effect on tho course of A consortium of hanks headed fc
regional politics in France, by the Deutsche Bank put up . ... ^
.Although the final make up of about DM1.200m. credit. This is riPp r lf)0 r tO hllllQ SOVlSl DlSHt
new councils will not be known tn be repaid largely from the pro- “‘“b v r
until Wednesday, when thev ceeds of The aas sales to Buhrgas sv u &irniM riithfrfo«D BONN. Oct
meet for the first time, it seems AG. BY MALCOLM RUTHERFORD
certain that the balance of those . Under a second contract signed qeMACI the West German began a s'**w months ago and w
controlled by Left and Right will io July last year the Russians engineering concern has won a unaffected by Uiv visit tn Boi::
be unchanged. - I agreed to supply another 4,000 major order for a continuous slab the SfAi.-i party leader.
According to Interior Mhiistrr ; cubic, metres. There was also a casting plant in the Soviet Union. Leonid Brezhnev in May. Ar •
figures, the Socialists won an ■ *** petition of the tube deal and ^uhounh Boardroom sources time Hr. Brezhnev <p-’>kc
extra 124 seats in Metropolitan I similar 10 year credit arrange- declined to sa«- what the contract German niuur.tnaijy.i..
France, the biggest gain of jmv meats. was worth, it is understood tu bo industrial cr.-ipcra'inn di-sle 1
single party over the two rounds' The initial supplies come from aQ , 0 ng the largest so far placed in * 40 or even oO years but
together. Hie Communists, the! the Western Ukraine. Tbe.pipe- bv the Russians with a West has been very little pros:
second main partner in the line runs across Czechoslovakia German company. since hecatuse of :h» Gjr
Uninn of tbe Left, added 72}to Jablonica near the Austrian The plant will be at Novol'ipezx. reluctance m supply un-
seats. and the Left as a whole ! border where it then divides into 125 m j] e s east, of Moscow. It enough credit.*,
gained 204 seats. j two. One section is being built should he ready by end 1975 and Io the Do ir.au case even.
However, the innroicD in : to run th rouEb Austria into Italy, unii an annual cauacnv of credit terir.*. u»* '•aid >»■ r
BY MALCOLM RUTHERFORD
BONN. Oct
The ruling Gaulhst UDR and its section runs Into East Germany Russians, this one is understood Manr.v?:n-inn. wh:e.n now />•
mare moderate allies won a fur- j and the other, which will supply to have gone through remarkably more than 50 per cent, of
ther 158 seats in all. giving them ! West Germany, crosses the quickiv. The sources said talks Dcma* stuck,
a score of 830 seats, only nar-
rowly behind the Lefts total of : _ T - ~ n _ 1 •»
^■swa-xaii North Sea find by Petronord
commentators here have been
very chary' of attaching anv slg- BY ADRIAN HAMILTON
nificant findings to the poll It — v- ,v„ ^ i,a
BY ADRIAN HAMILTON
is in fact their very lack of poii- THE PETRONORD exploration between the Norwegians and the Associated in the new Er.d,
tical importance, 3 nd the corre-i 3 rou P yesterday confirmed a French oil companies over the in the Norwegian part nf i-r
spondlogly lukewarm interest “considerable" new gas find in proportion of reserves lying in are tbe French companies. C
taken by the Press, that has been the Norwegian sector of the each sector and the Norwegian Elf-ERAP -ind Aquitaine. :
accepted as the main reason for North Sea. directly east of the Government has asked for the Norwegian industrial t
the very low turnout major Anglo-Norweqian Frigs further studies into the possibi- ccrn, Norsk Hydro.
The principal loser seems to 1 FicId east pf the Sheilands. lities of piping the Norwegian Ln the Danish sector of
have been the Centre in the! According to a statement by gas to the coast of Norway North Sea. invanwhile
rauaisl Partv will doubtless too > tested ln the well at a rate nf meat to accept the sale of Friza Q-l sector
ho less than" happy with the out - 1 ‘00.000 cubic metres per day (or reserves to UJL while cuntmu- The decrtuwi. in-rnrui--; tt
come, which further dents their ! about 24.7m. cubic feet per day >. ing to plan for delivery nf statement iv-urr! »-y r
claim to be the main force on- Further drilling will be further amounts or ces from the roniuni ycs’«.rcl.-v. w.r i-fcj
the French Left. I required before the size of the latest discovery to Norway “ir could not find -ufficieni
Communist leaders have been find van be fully determined and On the other hand, the find— to make the operation cnam
I Giving a more radical flavour to lit ha* yet to be proved whether if it proves to be an extension malty JraMbU.
impressed could prove a substantial one. to the Scottish coast sn two wen
Whether cantonal elections! potentially adding as much as years’ time, with ourput from som;
interesting
gain in importance following the; one-third- to 50 per cent to the both sectors buildin- up to aa results and tbe croup .
modest reginnal reforms which ! 10 trillion cubic feet of reserves eventual rate of 1,400m. cubic sidering undert 3 k;az furt
came into effect in France from, 'known to lie in Frig?. feet per day. seismic work in the area,
to-day remains to be seen. ! ^mnificanf
Under the new arrangements, i t -rw • . > i-.* ** . * l
such a discovery couw have Private Ekofisk complex piaj
one-half of the members- of new, a significant impact on the * ~
regional assemblies— which will development of the Frigg Field. OSLO Oc'
hopefully aid the d^centTalisa- which straddles the median line .
tion of power in France, to which i, e rw e eft the U.K. and Norwegian SAGA PETROKJEMI. a public by Norsk Kyitru. jcc S:
most politicians pay lip service, sectors to the west. Norwegian group backed bv Saga controlled metals, enere:-
But the disappointingly low At present, both the Norwe- p prTO i Plim in n five leading in- chemicals concern, hut thv gr
interest in the latest election; eian and UJv. reserves of Frigs “L L S “ si’-ii -PPoars mioresled i=
suggesting that the • French 1 are committed to the British Gas dustridl concerns, ba~ ora*n up 0 p eral j 0? H • ilro
jpanies and the BGC earlier this gas liquids from the Ekofisk field spokesman for Saca. it wmnd
the most encouraging omen. year. in Norwegian waters. These differ prepared to undertake
- But there remain differences somewhat from the plans made project on its own. if nveessa:
vinTeTer Italy stops cheap hish move
'Sn?,. Petrol for tourists "“ySfe 8
THE EAST GERMAN Foreign RY PFTPO T »iMian nmnr n, t *
Minister. Herr Otto Winzer, said BY PETER TUMiATl ROUTE. Oct. 1.
to-day that because of the FOREIGN tourists spending their Oil Comnany was negotiatin'* tb* 1 ' By Dominick ). Coyle
antagonistic coaracter of holidays in Italy will no longer sale of all its Italian assets' 3 and;
their sociopolitical oraers, en j oy cu t. p rice petroi as from its withdrawal from Italy was DUBLlN.net. -
unification of the two bennan January I next year. The deei- still being circulated here to-riav .,« JTr f „ TC .„ _ ,
States will aever be possible. s j on t0 abrogate tourist petroi The Rome newspaper I] Fiorino ,THE Governmen.a d<
However, what was possible— coupons was published by the claims to know that the nr-ic* 310,1 10 w,t -hdraw the 20-year
an ^_i_J iece i Ssar ? +■ wr ? ?°J>d o{fi e i a ) Gazette to-day. being demanded bv Shell ; exemption on mining prnfit.s
hS y n , li L " 0W L tourfsls hav ® ^ 00m - 11 was rumoured here 1 troduced in 1967 is now oxpec
Italy stops cheap
petrol for tourists
BY PETER TUMIATI
ROHE. Oct. 1.
Irish move
on mining
royalties
By Dominick ). Coyle
DUBLIN. Oct. -
sseraoiy since *asi ana west brand. By comparison Italians Company of Llbva. . zinc - leafl ore DO,,v Aa
Germany were admitted on have had to pay Lire 162 per Earlier this year British ” 1 by a " early in 1: reuse in
September 18. litre. The price of petrol in Italy Petroleum sold a Han in£ 5upper , im,t °f rey jS ,les
Sas.hra!?".^:* Y. 2! inf/eased to Lire 185 per eidiary to the iodependeSt "m- ! st “ d f « “ pi ' r ,
JJJJL 1 !® hart 1 ifmit ^ petro1 coupons will provide the ment in Italy. Currently J t has - vcar lJX ‘ holiday) have >el to
Germanys had no time limit. Government with additional a share oflh P mariTpi nF .hn-.t i d.sclosed. but it is undcHL
revenue amounting to about 10 per cent., compared wiih • th:,t the rev i' p d package of f»-
£25iu. in 1974. about 17 pw cepL in the 1960s. ' arrangements hjs been fiaalt
Kilims SOOD , Thousan ^ . of ff ShelL line all the oil companies. j an . d f al Jv3ii»l.it:oa w.ll
o tounsts will be affected by the has been losing money fo n a lv! inlr «duced early in the [
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Killing soon L Th ° usan ^ K of ff ShelL like all the oil companies. j a ° d ? al Jv3Wl.it:oa w.ll
b | tounsts will be affected by the has been losing money fo n a lvJ introduced early :n the i-v. t
tAhapnn I d !? lsl ° IL H . 0, ?f ver ; consider- in recent years! Last Saturday's i\ p ? r ! 1 3 1 » session *idnms
On lO”D 3 .CCO • jable percentage of the tounst price increase for petroleum pro- . < J c t°bur L.
. T . *■ g0ing far short of what the It is expected ih.ii the ;.rei
in TtalV ■ TwJto cSi „ -. 011 «rapiroies are claiming. They [terms of the aew uxau»n .-u
111 ll^U w Despile Shell Il ® 1 J‘ iria ^ rate- say that it still does not suffice Uure. including dedtii -ri.>n*i
By Peter Tumiati i tS'Slnmir rtwt ^ V.’ to i°! er t>ie higher cost of im-i respect of prospecting. rx;-U
ROME. Oct. 1. ! the ruinour tfaat the Anglo Dutch ported crude oil. ition and develnpmeni cusl-. ’•
RILING by Italy’s ccrn-- - * : be published within tho neM f*
itutional court on the 1 TIL i ■ j a • 1 • aighl. but it is already cluar :
■gitimacy nf the State tobacco 1 1 tt \1 Y* T §1^ | ’ mining profits will henceforth
lonopoly is due to he issued; ^ subject to the normal 50 pc: o.
ter this month. ; _ [taxation icvvl :t p j » ! ; c a 4 > ! «.- io
The tnh.-icco monopoly, a State I T|Tj ^ HP I* . dustry in general.
)d> controlled by the Finance! l«Vr JL9CX w-Vl.ll,* : { What is less clear is
inis try. has already undergone! -Government's exact jnit»t
‘veral changes to help make It; BY ANTHONY ROBINSON ' ROME. Or r t 'nsgardsnq the scale of n»ya!t
imply with the Treaty of Rome • 11 A ' jand whether they are in fun
itablishing the Common j THE ITALIAN government has with the same month a vear a "o il0 .‘ ,e Caii --uiatifd on lonnagf
arket. Previously, tobacco leaf i cautiously upgraded its constant This follows a is : P n cc. Mr. Justin Keatinc. >
A RIFLING hy Italy's con-- -
stitutional court on the 1 /^IVTTlI • 1
legitimacy uf the State tobacco; l*5SlQPfl
monopoly is due to he issued! ^ *UI VLudl 1 <ll.3V U
later this monlb. \ _ • • ' .
The tnhacco monopoly, a State I Tf'| ^
body controlled by the Finance! IU UC1 w-vJJJ* :
Ministry, has already undergone! ^
several changes to help make' it; BY ANTHONY ROBINSON ' ROM
comply with the Treaty of Rome
S2S?“K-.~S!! ™ ITALIAN goverpmem has with the same month
BY ANTHONY ROBINSON
ROME, Oct. I-
a year ago.
Market. Previously, tobacco i leaf i cautiously upgraded its constant Thk follows a 13 pe/cenL
crnwine. tobacco tnaniifArtrinp r-vn , ■ . “ " ceuL
growing, tobacco manufaetring price GMP growth estimates for .in July and indicates C th!at Vhe P Iinisler u>r * nt *uslry ond Cc
and tobacco product sales came 1973 to 5 per cent, compared to expansionary forces n^ww work raerce ' who w directly
“r t e h? e tS the 4-5 P" cenL forecast « ^e within the ISES, l*e euEil"*"** w[lh ^ mining induct
three stages has been end of March and the 6 per cent, enough to bring about a sulv i ^ as indicated that no Si
Lberahsed. forecast by tti 0 ECD. stantial increSe in outpm e ?en decision bas aw been made
Rp.fnre 195S. foreien ciearcttes i s _ , _,.., *** uu ‘-P“t even _
Ciicrom? clearance and F;tsr *dolivery-home . as y° u - telephone directory.
ii tviiUiivd.
One through charge oulynml
/:■•! hidden extra.-!
Simplified document at ion : .-pedal
i. , onr ! i2niTi» , nt nMtt*'. iah<.*!> ;md envoi riue.-* -
;i i j ! dec! dy us - t’or trmil il« '•live, fully
iv.iaili’ivd uvn-'its.
Highly fa vo livable Conditions of Carriage
.r.,.1 eeiiirioi:-' Carrici’V Liability (up to
e 7 per tiinn-. i. plus.ulditionai eoverat
:.w,- mi'.LUi
Before 195S. cigarettes The latest industrial produc- in a holiday month. 3 possible equity participation
were sold outright to the tion figures show a 6.9 per cent. This puts -new light on the ^ State. ;n future min*
monopoly, which set their retail increase in industrial output over unexpectedly high consumntian ®0tefprise5.
With iL . a f a b a iLhSeni fiC o r f Z ll f e in . - s ^ e sas electricity, water and Speculative reports publish
Sir ,SL25 2 f SEJ5.fi! industrial here to-day that tic Gwernmc
BRS PARCELS LTD
■ 77} ■
* ■'S V
nJInllE
A u
L i ? uHue.suwuiem, pmviueu ine cnoiera epiaeraic win almas; case or Tara Exploration's Nav
abolished. Furthermore, foreign tbe recent increase in oil pnees certainly be reflected In a lower- discovery brought m» nffic
manufacturers cea>ea to sell and oiher inflationary pressures than -estimated growth m tounst cnmmeni. but n is unl'ke'v tt
their ciaarettes to the monopoly, do not spark off substantial expenditure, and agricultural Ministers will decide rinali' or
which became simply a channel labour unrest and strikes this earnings. ‘ ■ royalty' scale rcr rhai 'mi
for tbeir sale to the public.] autumn. Nevertheless, the Governmeni wlthoui firii bavins diacu.«iv
Thus foreign suppliers retained j August, with its widespread clearly expects ao improvement w 'ih the companj. ;
ownership of their cigarettes, factory closures for th e summer on the 3’ per cent, increase in -The entire inch
even in the monopoly s sheds, holidays, -is never a typical GNP at coiwtant prices registered, industry is now wnrkin- in
until they were actually supplied month stansticaily. Nevertheless, fb 1972 and is also working on complete vacuum nendinc^lari ‘
to wholesalers for dLstribution to industrial output in that month the assumption of a 6. per coni, calioa o£ the Government's at'
licensed tobacconists. rose by 13.6 per cent compared 'growth rate in 1974. ' - fiscal provision!
The Financial Times Tuesday October 2 1973
i;i ropean m:\vs
Greek regime asks civilian
to form new Cabinet
BY* OUR OWN CORRESPONDENT
ATHENS, Oct. 1.
PRESIDENT GEORGE Papa-
dopoulos to-day entrusted Mr.
Spyros Markezinis. the leader oF
the smalt Progressives Party,
with the mandate to form a
civilian Government which will
lead the country to parliamen-
tary elections before the eod of
3974. The new Cabinet will be
sworn in nest Monday.
The mandate follows Mr.
Papadopoulos’? pledge last
August to bring an end to his
authoritarian regime and restore
democratic rule.
An official announcement from
tbo presidency said Mr. Marke-
zinis, 64, was received by Presi-
dent Papadopoulos to-day and
asked to submit a list of
Ministers by next Saturday. The
present army-backed Cabinet sub-
mitted its resignation at a
special session to-day but all
Ministers have been asked to
stay on until Saturday.
The announcement said that
Mr. Markezinis had also been
asked to submit his views to
the President on matters of
foreign policy. economic
-planning and finance. It added
that in accordance with the con-
stitution, the new Premier would
be responsible and answerable
only to the President of the
Republic as the sole source of
authority until the election of a
Parliament.
Sweeping powers
Under the constitution, tile
President has absolute control
over the Ministries of national
defence, public order and secu-
rity. and foreign affairs. His
sweeping powers also include the
right to appoint the chiefs of
the three services and 20 of
Parliament’s 200 members.
Mr. Markezinis. who is also
an historian, is considered an
economic expert and is expected
to t-ake measures to combat
rising inflation, including a sharp
curb on public and semi-public
investments.
As Minister of Economic Co-
ordination in 1953, he devalued
the drachma by 50 per cent, and
master-minded an economic
policy which put the country on
its feet after the ravages of the
Second World War and the civil
strife which followed.
Last week, deputy Premier
Nicholas Makarezos, one of the
original military triumvirate and
overlord of the economy, re-
signed his post, saying his move
was intended to pave the way
for a political Government lead-
ing to a return to genuine
democratic rule. But an
announcement from the presi-
dency said he bad refused to
shouldei responsibility’ for the
economic policy Mr. Markezinis
planned to adopt.
Another of Mr. Markezinis’s
tasks wil be to try to bridge
past differences between the
military regime which seized
power jn April. 1967. and poli-
ticians of the pre-revolutionary
period. The leaders of the
.country's political parties have
threatened to boycott elections
unless guarantees existed that
they would be conducted in an
impartial and fair manner.
Among other things, they are
seeking the dismissal of Govern-
ment appointed mayors and
prefects.
Last month. Mr. Papadopoulos
appointed an 11-member Consti-
tutional Court whose approval
is mandatory for the functioning
of political parties and which
will also screen candidates to
Parliament
African States open talks
on strategy towards EEC
BY IAN DAVIDSON'
DAR ES SALAAM. Oct. 1.
THE 41 COUNTRIES of the
Organisation of African Unity
opened a two-day meeting here
to-day in an attempt to hammer
out a common position, or at
least a common procedure., for
their forthcoming trade-and-aid
negotiations with the European
Community on October 17.
The main point on the agenda
was a report from their ambassa-
dors proposing that the African
countries should set up special
institutions to handle the nego-
tiations headed by a council of
ministers and a committee of
ambassadors.
It recommended that the
council should normally take
decisions unanimously, as is the
practice in the European com-
munity, but in the case of serious
disagreements which could not
be resolved by .an ad hoc sub
committee, final decisions could
be taken by a five-sixths
majority.
Chairman of the council Df
ministers. who would be
appointed on a three-monthly
rotation from the different
regions of Africa, would act as
spokesman for the African
countries in their dealings with
the Community. He would be
assisted by a specially
established secretariat.
The main significance of this
report is that it represents an
attempt to shelve, at least for
the time being, the substantive
points of dispute which are
already known to divide the
African countries and to
establish a procedure which will
enable them to settle these and
any future disputes in an orderly
■way. In any case, it is almost
certainly too late to resolve even
the most important issues before
the October 17 meeting in
Brussels.
At the same time, it also
represents an attempt to force
countries to decide whether they
are prepared to negotiate as a
body, and if so whether they will
be prepared to abide, in the last
instance, by a majority decision
in the interests of strengthening
the African negotiating position.
Little progress appears to have
been made in this afternoon's
discussion, partly because some
‘delegates did not receive the
report until this morning. At the
same time there were clear
divisions of opinion over what
role, if any. should be preserved
in the negotiations for the
Organisation of African Unity,
whose Secretary-General. Mr. Nzo
Ekangaki. does not arrive in
Dar es Salaam until to-morrow.
Finally, some OAU countries,
such as Algeria. Tunisia and
Morocco, already have special
links with the community which
are different from those oF the
Yaounde associates in Black
Africa.
with a tough speech from Presi-
dent Julius Nyerere of Tanzania,
in which be warned the African
trade Ministers of the dangers
of not adopting a united front
in their negotiations with the
European Community.
“You will have to take enor-
mous care." he said, “to ensure
that, wittingly or unwittingly,
you do not allow yourselves to
be divided. For both the oppor-
tunities and the efforts towards
such an end will not be lacking
. . . Africa has only one choice:
to stand together and move for-
ward in unity, or else for ever to
remain a hostage to the
industrialised countries.”
In his reply, Mr. Babacar Ba.
the Senegalese Finance Minister,
also called for a united front,
but he warned against a “ facade
of unity, which will only weaken
vs." Senegal and the Ivory Coast
arc the two countries which have
in the past argued most strongly
that the African countries should
offer trade concessions to the
Community, as a symbol of
political self-respect and as a
guarantee of the legal validity of
any agreement under the. rules
of GAT^r. The Commonwealth
countries are strongly opposed
to giving reciprocal preferences
to the Community.
This morning's session opened Three Swiss
Early start to Portuguese
motorway network
Ministers
resigning
BY BRUCE LOUDON
LISBON. Oct. 1.
CONSTRUCTION work on
Portugal’s vital new motorways
network began to-day, eight
months ahead of schedule and
amid a welter of enthusiasm
from Government leaders who
hailed the project as u major
factor for future economic
growth.
At a ceremony organised by
Brisa Auto-Estradas de Portugal,
Sari, holders of the State conces-
sion for the construction, main-
tenance and exploitation of the
toll motorways, earth-moving
equipment moved into action on
the banks of the Tagus river at
Vila Franca Da Xira, north of
Lisbon, to begin work on com-
pletion of the new Auto-Estrada
do Norte, which will Link the
principal industrial and agricul-
tural centres of Portugal.
To-day’s ceremony • was
attended by clearly enthusiastic
Government leaders, including
the Minister of Communications.
Senhor Rui Sanches. Senhor
Sanches has repeatedly declared
that completion of the motor-
ways network, involving the con-
struction of some 346 kilometres
of new toll roads, is basic to the
country's economic future and
the fulfilment of the soon-to-be
announced Fourth Economic
Development Plan.
By John Wicks
ZURICH, October 1-
THE NATIONAL Council
President. Enrico Franzoni.
to-day announced tbat at the
end of the year three Ministers
would resign from the seven-man
Federal Council. Switzerland’s
governing Coalition Cabinet.
They are~ Roger Bonvin. Minister
of Transport and this year's
President; Nello Celio. Minister
of Finance, and Hans-Peter
Tscbudi. Minister of Home
Affairs. The resignations,
expected to be effective at year
c-nd, mark no political upheavals
in Switzerland, since the Minis-
ters concerned will be succeeded
by nominees from their own
parties — the Conservatives, the
Liberals and the Social Demo-
crats. respectively — and all
changes had been expected.
Environment
74
Turin
4-12 may,
1974
international
water - land - air - habitat - transports -
industry and consumption - man
Torino Esposiziora spa Corso Massimo cfAzeglio 15 1 0126 Turin TeL6569
Telex loexpo 21492 Cable Toexpo
Top Polish
Minister to
visit U.K.
By David Lascelles,
East Europe Correspondent
WARSAW. OcL 1.
THE IMPROVEMENT in
Britain’s relations with East
Europe took a step further to-day
when the Polish ForelgD
Minister. Mr. Olszowski. accepted
an invitation to visit Britain at
a date to be fixed later. The
invitation was banded over by
Mr. Julian Amery. Minister of
State at the Foreign Office, who
has been in Warsaw for a week
of talks with Polish Ministers.
Mr. Olszowski's visit would
open the way for a trip to Poland
by a senior British Minister, pos-
sibly even by Mr. Heath, the
Prime Minister, who has already
accepted an Invitation in prin-
ciple to visit Warsaw. It would
be Mr. Heath's first visit as Prime
Minister to a Communist
country.
British officials have been
encouraged by the high-level re-
reeption accorded to Mr. Amery
here. He has been received by
the Prime Minister. Mr. Jaros-
zewicz. the Foreign Trade Minis-
ter. Mr. Olechowski, as well as
by Mr. Olszowski.
The emphasis of his discus-
sions wa on improving political
links between Poland and
Britain now that trading rela-
tions are flourishing.
KOSYGIN ENDS
YUGOSLAV VISIT
DUBROVNIK. Oct. 1.
THE SOVIET UNION and
Yugoslavia to-day issued a joint
call for a world conference of
disarmament as Soviet Prime
Minister Alexei Kosygin flew
borne after an eight-day visit.
However. Mr. Kosygin’s swing
through four republics of this
independent-minded Balkan state
and his talks with Yugoslav
leaders did not appear to have
produced a great deal else. His
talks with his host and counter^
part, Mr. Dzemal Bijedic were
said to have been “ friendly ** bnt
observers said the failure to
mention cordiality in the plenary
talks might indicate strongly-
differing approaches.
Reuter
HUNGARY
Little profit in timid
BY DAVID LASCELLES, EAST EUROPE CORRESPONDENT
THE HUNGARIANS’ reputation
for resourcefulness in economic
matters is being put to the test
these days as they set about
improving their unique economic
mechanism. After five years, the
mechanism is throwing up prob-
lems which no longer rate as
teething troubles and which
cnuld, if unchecked, threaten the
Government's broader social
policies. ■
These problems, boil down to
over-cautious management, to
trade union suspicion of any-
thing that might lead to redun-
dancies, and to a Government
dilemma over bnw to increase
productivity without dropping
its commiuneot to full employ-
ment
The greatest problem is
ironical if one bears in mind
that the mechanism was
originally introduced to de-
centralise the decision-making
process and to make managers
more profit-conscious. For
while many 'factory managers
have used their greater power
to good avail and helped
Hungary to achieve its present
prosperity, others btfVe been
unable to shoulder big responsi-
bilities and have become more
timid rather than* holder.
In these cases the result has
been poor profit performance
and, more damaging, an
unwillingness to innovate which
has led in the worst instances
to the communist equivalent of
bankruptcy — Government inter-
vention and reorganisation.
There have been six widely
reported “ bankruptcies ” not all
of them in industries which were
naturally obsolete. The most
famous case was the Red Star
factory, outside Budapest which
produced tractors for which
demand has always been strong.
Yet Red Star accumulated such
huge losses that the Government
was forced to close it down:
A more obviocs candidate for
lame duck treatment was
Hungary’s shipbuilding industry
located on the Danube. A victim
of the world-wide - shipbuilding
recession. Hungary’s yards were
shut down and the premises
turned over to crane-building.
One reason for timid manage-
ment has been the close link that
the mechanism creates between
profits and wages. The final ten
per cenL of a man’s wages and
his much coveted year-end bonus
are related directly to his com-
pany’s performance. Managers
but has also squeezed an already
tighf labour market Govern-
-mem economists are . therefore
busy devising a more flexible
credit policy which would balance
commercial and social demands
on capital without creating a
stop-go situation.
But because of . the high
priority accorded to ensuing
employment the economists are
having to bear in mind the social
“ The 6nal 10 per cent, of a man’s wages and
his much coveted year-end boons, -are
related directly to his company’s perform-
ance. Managers have not been keen to pat
these at risk ...”
have not been keen to put these
rewards at risk, especially since
Hungarian trade unions are
well-organised and more vocal
than similar movements else-
where in East Europe.
To combat this the Govern-
ment is working on a plan to
loosen the wage-profit liuK by
guaranteeing a company's wage
bill. But the plan specifically
does not reduce a manager’s re-
sponsibility to ensure that his
company operates profitably.
Managers who are keen to take
initiatives have complained of
other obstacles to innovation
such as the Government’s credit
policy. This is now tight follow-
ing the investment boom three
years ago. which played havoc
with Hungary’s capital invest-
ment cycle and far outstripped
the country’s labour and material
resources. The damping measures
taken in 1971 are now widely
considered to have been too
strong.
This problem has been aggra-
vated by the fact that companies
wishing to expand have found it
cheaper to take on more labour
than borrow capital. That only
threatens to reduce productivity.
consequences of technical innova-
tion and labour-saving- invest-
ment For though the tight
labour market suggests that there
is no -threat to job security, the
actual distribution of labour is
very uneven; industry is over-
staffed by an estimated 12 per
cent while services, transport
and construction are badly under-
staffed. But the Hungarian labour
force has strongly resisted being
moved around, especially since
the perks attached to particular
jobs in Hungary are far greater
than in the West
Even, so, productivity must be
raised If Hungary is to sustain
its economic growth, and
attempts are now being made to
relate earnings more closely to
output. A big obstacle Is
Hungary’s centrally calculated
wage structure.
Earlier this year a revised
wage system was - introduced
experimentally in 16 factories
under whieh a given sum was
paid for a given volume of pro-
duction irrespective of the
number of men . involved. The
fewer therefore who worked on
the job. the more .they each
received. It was accompanied
by special exemptions from the
high wages tax so long as com-
panies could prove higher
productivity. It is still too soon
to judge the success of this
experiment, but it can be
assumed that while the Govern-
ment and managements . are
watching it . hopefully, the trade
unions, which have always been
deeply suspicious of the
mechanism, fear it will create
redundancy and justify large-
scale redeployment.
Reforms to the mechanism
should be seen against the back-
ground of overall industrial
rationalisation which is gradually
being carried out with the mam
object of making Hungarian
exports more competitive. It
has always been essential for
Hungary, a country of small
resources but high dependence
on foreign trade, to develop a
subtle approach to foreign
markets and to identify the areas
where it can make the greatest
impact. So far Hungarian in-
dustry has not specialised enough
to pack its fuQ-pnnch.
But planners are now examin-
ing the co an try’s 50 largest
enterprises, which between them
account for 55 per cent, of total
industrial output, to see bow the
specialisation production can be
increased. Ailing industries
come in for specially close
scrutiny.
Do these reforms, which
reassert central control, mark a
setback for the mechanism? The
answer is confused by the
possibility that much apparent
recentralisation is only window-
dressing to please the Russians.
P lainly , though, any increase in
Government interference proves
.that economic experimentation
has its limits. But it is worth
noting that while most of the
limits result from a communist
Government's instinctive re-
course -to central -control when
problems are encountered, some
are directly attributable to the
high priority aecorded to social
policies and the right to work.
£Q0t?MEHT r Wucfij,.
VT" \r^ x - * a
^ ' Busies
cumws ' i/tuM 72*'
^ nr. ZC£J&iS fm
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Tjhe Finaiicial Times Tuesday October 2 1973
OVERSEAS NEWS
vHORN OF AFRICA
Greater
> BT OUR ADDIS ABABA CORRESPONDENT
7 ftELATTOXS between Ethiopia demarcated the present borders. Wold and Foreign Minister
L ^ aa Somalia have never been This was followed by a series Minassie Haile and the dramatic
-very cordial but lately they have of visits to ‘Mogadishu by eleventh hour arrival in Addis
■^®ieno rated to a low point. Ethiopian delegations headed by Ababa of President Siad— a move
-.fnese key territories in what is Mr. Kelema Yifm, the then calculated to bolster the Somali
.^Rnown as the Horn of Africa Foreign Minister, and his sue- claims but which in reality led to
y^Yf. been, at loggerheads for cessor, Dr. Minassie Haile, and little more than window-dressing
•kWejj over 73 yean. The situa- return visits to Addis Ababa by talks with the Emperor.
worsened perceptiblv .when Somali Government officials led There is little doubt that the
independent Somalia was bv the Foreien Minister. Mr. discovery of commercial deposits
warned in I960 and even more Omar Arteh Chalib. But these of nautral gas l estimated at 35m.
:“So following the seizure of power proved to be little more titan cubic feet per day) less than 30
*there/i Q October 1989 by a iefUst ;
•■tiulitary regime headed bv
%i?S dem Siad Barre in tte * An important reason behind the latest tensions
■^political -vacuum left bv the • r ... , , . . . ,, , *
^assassiaatibn of President' sher- is Somalia s reported assessment that the balance
Aarke less man a ™>k befo™. of m ;i; tary power i n the Horn has at last tipped
Since independence, successive • :*_ r>
.Somali Governments have flirted ^ IIS IBVOlir.
.Twlth the (originally-Britisji) ■ — — — -
which Gr ^[ e ‘ fenitare polemical exercises and accora- miles from their common border
'inhabited hv SnlnitUnenisiRa olished next to nothing. At the also had an influential bearing on
iSpleJ would automatSlh be »«■* time - bolb sid * s be S 3n Somalia's heightened interest in
united with the ‘°mok?Wacd ” broad rest mg provocative pro- the Ogfiden. Though no specific
-"Ar Somalia But *hte MmI was grammes into each other's tern- mention of a corresponding oil
SUe? ream taken rS ten'. Radio Mogadishu in discovery has been made, it is
: ™nl aDm^aVe until toe Somali and Galliaya ta Southern generally agreed tnar when .such
Ethiopian language i and Radio high quantities of natural gas are
r RevolQt!onari Cma Ethiopia in Somali, in direct found the chances are reasonably
' ™ e - . violation of the 1964 Khartoum good that marketable oil deposits
i « Cover ? 1 raeai agreement which culled for a will also be found.
-?ftvf a - Ce v‘ lSt . covet °**f g^ 3CJ ces njytuai cessation of such hostile Another important reason
JESS? propaganda. behind the latest tensions is
y e *}* Tn , Ethiopia, all of which mee y ng and HesTds of State tipped in its favour. Throughout
were claimed to fit the e\hwc. sun]m ji conference marking the life 1960s, there was no denying
cultural ann linguistic qi:ai:nca- ig*-„ anniversary of the Organ!- the military superiority of the
nans of the Greater Somalia 53t jon n f African Unity. Foreign Ethiopian armed forces. Ethiopia
concept. Minister Omar Arteh Ghalib still has a reasonably weU-
3 “ s 9 on .became obvious that accused Ethiopia of massing equipped standing army of
'-hlogadlshu's primary interests troops along the common border around 40.000 men and a police
Aay in the Ogaden region, a vast j n preparation for an attack, and border guard para-military
■^desert pastoral area, inhabited claimed the Ogaden area on force of about 25,000. Its air
to?' about Ini. oociadic Somali «■ ethnic, cultural and historical M Force, consisticg of a squadron of
tribesmen who form the over- grounds, and called for direct eight super-sonic F-5A fighter-
Mtoelming majority of its total 0AU mediation. The outburst interceptors, a squadron of 12
population. was j D sharp contrast to pre- sub-sonic F-S6 fighter bombers,
7 -Ethiopia was alarmed by these vious Somali tactics which six Canberra B-2 bombers, a
overtures against what amounts stopped short of provoking a squadron of eight SAAB-17
;to roughly one-third of its terri- major row with Ethiopia, while ground support planes, a
■lory after years of relative calm- being just provocative enough to reconnaissance squadron of six
following the settlement of a satisfy opinion at home. T-2Ss, a transport squadron of
mini-war” over this very area Algeria, Ivory Coast .Tanzania DC-3s, and several small
in 1965. The Ethiopians re- and ~ Liberia were eventually helicopters, continues to be
'ferred Somalia to various appointed to a mediation com- regarded as one of the finest in
treaties and arguments con- mittee by the OAU heads of state. Black Africa. But it is believed
eluded through the years, indud- but not before heated Ethiopian that recent problems with acquir-
*ing the latest one signed at denials and counter charges from in? modern replacements for out-
•Ishartoum in 1964. which have Prime Minister Aktilu Hapte moded armaments have seriously
sapped Ethiopian military
. capabilities.
On the other hand, the Somali
armed forces have been pros-
pering under the terms of a 1962
agreement with the Soviet Union,
concluded by the late President
Shermarke after several western
countries including the .U.S. and
Britain had turned down
Somali request for help in train-
ing and equipping a modern
20,000-raan army and a more
powerful air force. In the 11-
year interim., the Russians have
made good their promise, not
only through training (the
Soviet training mission at one
time numbered about 300) but
also by supplying large quanti-
ties of modern automatic arms,
artillery and 150 tanks ranging
from T-34s to T-54s. In addition,
the revamped Somali air force
was given about 20 YAK
reconnaissance-trainer planes,
about 25 MiG-15 and MiG-17
super-sonic aircraft and possibly
soroe 19s and 21s as welL
In an effort to offset this in
creased Somali military threat.
Emperor Haile Selassie asked
the Americans, British, French,
and .Israelis for newer weapons
(the latest request coming
during his hurried tnp to
Washington just prior to this
year’s OAU summit). But for
the most part protestations of
friendship far out-numbered firm
military * commitments. The
reasons are simple. The U.S. and
Britain are shying away from in-
volvement in the Horn, France
wants to retain her area
neutrality because of Djibouti,
another bone of contention be-
tween Somalia and Ethiopia, and
the Israelis have enough trouble
elsewhere and cannot spare
much military equipment
Ironically, while all this politi-
cal and military gamesmanship
continues, the Ogaden Somali
tribesmen, the people given as
the root cause of the dispute,
seem the least affected or con-
cerned by it all and go on
scouring their scrubby homeland
with their livestock, little caring
or even knowing which side of
the troubled border they are
actually on.
wins
Battle mav
i in Vietnair
• BY WIUtAM DUUJFORCE
A U-.S." COMPANY, the 'Bechtel
Corporation of California, has woo
the. contract for the construction
in Egypt of the 220-mile pipeline
which will . carry Gulf crude ofl
from the Gulf of -.Suez to a
Mediterranean ' .terminal ‘.".near.
Alexandria.
The announcement this morn-
ing by Petroleum and' Mineral
Wealth Minister .-Ahmed Ezzeddtn
Hilal finally dashes the hopes' bf-
the West European construction
consortium which, with the
financial backing of eight- "West
European governments, has been
negotiating for the contract for
over three years.
Mr. Hilal said 'that the Bechtel
offer of S354.4m. for the u basic
work" was Slfiam. cheaper than
the final offer of the consortium.
The global cost of the project
will be 9397.6ra.. compared 'with a
global cost of S4Z8m. For the West
European offer, according to air.
Hilal.
The ‘ decision to turn to
American expertise for the
pipeline is also connected here
with President Anwar Sadat's
steadily expanding cooperation'
with King Feisal of Saudi Arabia
and the conservative Arab states
along the Gulf. •
Richard. Johns writes: .The
intention is that work on the pro-
ject should. .start at the. begin'
jiing of the next year— over five
years 1 after the original feasi-
bility study "by 1 International
Management and Engineering
Group, the U-.K ronsultants, was
completed.. .•
j According to C&ro reports, the
first stage, involving a capacity
of 40m. tons, would be completed
within two years' and -the second
Stage of the twin-pipeline project
six mouths later. It is. understood
that Williams Brothers qt Tulsa
will- be -associated ■ with -Bechtel
as contractors. -
Revised . European - proposals
were submitted .to . the Egyptian
government by Spie Batfgnolles,
leader of the consortium which
also includes the UJC- com parties
Constructors John . - Brown.
Motherwell Bridge and Tank and.
Dunlop. The eigbtmation con-
sortium-bad been given until the
end of September to produce a
new package. .. .
Apart from the price; the chief
. CAIRO. October L
stumbling block' has been relates
to the . financial terms. The
European banks associated have
insisted, on the instruction of
the national insuring institutions
including, -the Export CTediio
Guarantee • Department, en
* accelerated payments/'
This means that the whole debt
would become due In (he even:
of a single default in deb:
servicing. This has consistently
-proved unacceptable to Egypt.
-It is believed . that the U.S.
Export-Import Bank and Ant
nil states have been able to offer
much easier terms in support of
the Bechtel bid. Participation in
the financing, in which the l".S.
bank Kidder Peabody has also
been involved was ciinched when
President Sad3t visited Kuwait.
Saudi Arabia and Qatar In
'August.
Eximbank’s backing for the
project indicates a political de-
cision by the UB, government
which would see its participa-
tion as a means of winning Arab
'friendship -or at least- creating a
reciprocal interest.
Vfrs. Meir accuses Austria
ISRAELI PREMIER Mrs. Golda
Meir lashed out . to-day at
Austria's promise to close dowo
its staging camp for Soviet Jews
emigrating to Israel, as
Palestinian commandos warned
the Austrians not to back down
from the compact
Mrs. Meir told the Council of
Europe’s parliamentary assembly
that the Austrian decision to
close the camp in exchange For
the lives of three Russian Jews
and an Austrian held hostage by-
two! Arab guerrillas at Vienna
Airport last Friday was "the
greatest encouragement- to terror
throughout the world:”
Speaking to parliamentarians
from the 17 member States she
said if was a “ great victory for
terrorist organisations. It'.* the
first time that a Government has
come to an agreement of this
kind."
She repeated her eati for .the
Austrians to reverse their de^
cision and said: “ . .1 sincerely
hope there was some misunder-
standing somewhere.” ...
In Vienna, informed sources
said Israeli and Austrian diplo-
mats were trying to arrange a
.meeting within 24 hours between
Mrs. Meir and Austrian Chancel-
lor Bruno Kreisfcy. There -was a
strong possibility they - would
meet in the Austrian capital to-
morrow.
• Austrian officials . said Dr.
Kreisky — himself - a Jew— was
still looking for a compromise
which would enable him to place
some curbs on Soviet Jews pass-
ing through Austria on their way
to Israel without halting the
traffic completely. . -
The Israeli Ambassador to
Austria. Mr. Yitzhak Parish
returned to Vienna to-day — after
a week-end of consultations with
the Israeli Cabinet in Jerusalem
—apparently to prepare 'for a
meeting between Mrs. Meir and
Dr. Kreisky over the question of
transit for Jews . leaving toe
Soviet Union.
Austria's decision has created
a wave of bitterness in Israel
where the Knesset (Parliament)
has been called 'from its summer
recess fora: special debate today
and to hear a, statement from
deputy Premier Ylgal Alton.
The Palestinian commando
organisation which carried: out
. STRASBOURG, Oct. I.
last -week's kidnap in Austria
warned the Austrian Government
to-day not tD back, down from
ris decision to close the Jewish
transit camp, according to a
statement published in Beirut
today.
The Beirut Newspaper. Al-
M charter, which has close con-
nections with the commandos,
reproduced the statement which
bore the signatures of the
" Eagles of the Palestine Revolu-
tion, high command-”
They hoped the Austrian
Government would “continue to
respect its derision, heedless c-f
the pressures by Zionism and
Imperialism."
The statement added: “ At the
same time, we v.-arn that any
backing down of any kind on the
moral commitment expressed in
the decision to stop emigration
will not serve the interests of
Austria or the safety of it.-
citizens, let atone world resneci
for the Austrian Government
and -confidence in it.*'
Reuter
By Stewart Dolby
SAU'i* »N. Oc*,.
THE SOUTH f!c-iJwriesJ‘’f
'-tilled Wicon; .lnd \',
V.erniUtcSo a ] a t-j.itrij
Ivitenoti'd-: north of &.>
the military h:ah commsco
hen* io-cuy. if th-' figarw
accurate then £."«■;■ ar*
htshest mimhcT uf ca^iraitif..
flicled r.y Arm;, of thv Ho
Vietnam on enenii .a a
hattie since till* i-va itfs.-,?
itgrted eight nn'iiih- sao.
A ctio z start iwn i!ay?
wfces V it-: core ’ill Tt.-.-jy.
' aftched to : h-?
: Mit: racy Reetnn Or*e. a:d^:
toe D74 B-v'ijli-in
tor a! of . around
;g nvcTur, i v . m \-
' ha “a ! >• *: < ?'■ • | ' r - '■< • r.
5^.:^ and ?!'"* i'iir.Y.-: r £■? r.
v:a?t c.f rb» «!: -:ru-t , -.v
Kh:**n Hanh.
According t*. -he
name-e htoh co.uuiand •. -.-r;:
to? Dattie. ‘.he atiaci
repulsed finally ui
Govern men: troops.
losses <•: nine oead anl
'w'ur.ded jnu iTi.ssiu^
Toss is too seenm-i ; .-!-ve
to have tak-n piae>
Vietnam within the
days. Like the ctr bancs
. M:nh on P»:*r*t< , :iir‘' , r jil.
i resulted in ti:-.- -tv-. rrjr.r.’
: an Ka:»r r > amn ■.
:293 R.i riser.- and !-"• fan :!
; flee. The toftk r'iir
western hal:' of ti;-- ••
' wh jr>: : h .■ >’•’ r ; h ' ' • ■ * n
Viot'onv '•urip.'y
. ttrftn -c" 1 !.
Pri'iirienr Tiii'-': fit
• Pfe.'kn. f ri- ■ si...
1 -j.n't"!. t.-'kiy .i r ': ‘- ’J
far-' n ar3i1 . “ »h»- ?.?'i ■?:
Lr* iTinh I?an-:e- • .•'—r i
. news I of ti'^T i
aet!'‘n> f*:'
1 :!tirk this I-- - in’t.?!
|:gn:te ? new “-.v.v/
! -sident urg'd
i tren-.s in r- ia!;.' L--
. Ranger cartn ar/: n ! - -ra
£P e-’Onnmir hjn'-kirjt-
The trip cerirm!;
' reflect the cen-u-’-rna’i'-.r.
many onarters th--; :*i
Vicaicsa may In- -*s ;i
' of a new >-ne-ai us:
: President Tiuuu r.;.; n.--
speech, iho Fop.-i^n
: '*e!ca^e<i an m
whirh it h.:d so:.: :>n S-
27 tn the 12 ii-.’.rijVT-
January P;.r:s : J ».a-e 4--
proraMira or i!a nv«‘ru:
Le Minn ami cai:. 1 ..
.signatories to put a .-*• ;
ceasefire violation
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ADDRESSOGRAPH MULTIGRAPH
~ • f w '
1 HI'* • ’
Tanzania
to move
capital v
By David Martin
. DAR-ES SALAAM, Oct L
TANZANIA is to move its capital
from Dar es Salaam on toe
Lndian Ocean to toe arid heart-
land of toe country at Dodoma.
The move, phased over 10 years,
will' cost £22fim.
President . . Julius : Nyerere,
addressing the dosing session of
the ruling and only party, the
Tanganyika African ' National
Union, said' the decision had been
taken, after .all TANU branches
gave tbdr views' --bn the move,
first proposed 13r years ago.
He. -said • -that 1,017 party
br an ches. had : voted fa favour. of
toe move and 842 had opposed
iL _ -
The major costs involved in.
the move would be the boildingi
of a new international airport
at Dodoma, housing. and putting
in a tannas road to link up with
Morogorei 120 miles west' of here.
But Nyerere pointed out that
much of the expenditure involved
in moving the capital, such as a
new Parliament and party head-
quarters. -would have had to be
spent anyway.
The President recalled the
move to. Dodoma was' first
mooted . in 1960 when the then
Finance Minister, Sir Ernest
Vasey. rejected tire idea because
it was too expensive and would
cost JE7m._ '
In part, the reason for moving
the capital is ? psychological
taking the seat of government
and the' party ■ into the . rural
areas and a. region which has
responded well .'to Nyerere’s rural
socialist co-operative programme
of ujemaa villages:
But geographically, 'Dodoma;
with' a population qf onTy about
20,000 against some 400.000 in
Bar es Salaam, which Is a centra]
adnunl&rative point. ■ .
The- more' from Dar es' Salaam
is to start immediately but the
real impact is unlikely to be felt
for at least two years. ; .
Gowoh sticks
to takeover
deadline
/By Our Own Correspondent . ;
: i -
THE' NIGERIAN Head-of. State,
General Yakubu Govton, said to-
day the March, 1974, deadline for
the .coripulsory takepTar of alien
businesses in the country: would
not be extended.' v .•
: "-!q a- nationwide! brijadcasr; to
mark the nation's 13to--mdfepen^
dance armitorsary* . .General
Gowqn «a ld:;-“ l wish to selto toe?
opportunity ' to reemphasise toe^
determination ■■ ofis-tfije- -^edera’
Govorninajt to^iropleto^nt fully
ife -. radigeriiraridn- -progranude.
and in doing - ao. te keep to' Hr
time^tablec* *: 7*. ' . '•
TWA
Daily flights from London
CHICAGO
1230 arr 1500 -0
1320 arr 1904 O
1630 arrOGOS O
DETROIT
1200 arr 1953 O
INDIANAPOLIS
1130 arr 1729 ®
1200 arr 1S49 *
1320 arr 2000 ®
KANSAS CITY
1230arrlS41 O
1320 arr 2140 O
OKLAHOMA CITY
1015 arr 3907
1200 arr 2141 «
ST LOUIS
1015 arr 1715 6
1200 arr 1925 0
1320 arr 1929 ^
TULSA
1200 arr 2117 &
WICHITA
1230 arr 21 19 *
i equipment used
cm ttananaHntic segments.
.' f
<P'\
*T£. '55» * ’as
IlSteNl
Ms§W > ■
siiPii#3
p^yy
fepl
SSSsO
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w
li«t?
;-:;s
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tfp* *&v.‘
Wiitgite ipri
. ;.'::‘V:'... ..;>>• >?>: I - C- >rv>OU
H avail t . -Manis ^Elala
Times Tuesday October 2 1973
**»,.
For some \ ears. Q.-ii !:avc beci • idling industry
t liar warm air heating systems cos: hail as mu eh as
N > i i c r s y s : e m - . I V: op! c ; i a \ v beh e \ e d .
Our files arc viulfoi with case histories ihai
a ouid mm :he Bank of Scotland green.
What they idi to. we oiler m ihe rc-t m mduMrv
as a rr- -nil -c.
\X id: ::« > proviso ,.
No -mall prim .
A Cob warm air svm m \\i;! .. .-:
ico man a nev. Ndcr '-v-wm.
I [ w :!• he • o. -rc rliaa :r
1: v. ii; v.o'-i !•»:- •' to run.
I i wji! !.:!- c up ic •-. pa«. c.
. i \ v hi need ;•" men io mmmam i;.
I( vdi mrry a pc year gujnihi.v. and ii can he
■vpched ! i i !••■• m, mules from o;j m pa-, or gas ««» oh
io lake advantage *•; buierrvpuNc' ua\ (amis. . Or.
substantially
avoid disruption by a supplier's strike.
To file traditional industrialist .these {’acts may
seem loo wrong :o belie\ e.
To us, (hey are simply the benches we build into •
every - bean ng job we carry out.
Benefits that allow .valuable capital .to dae . saved Ay:
and used for mode misatioivand plant. ; h Tyy. /AyckN
And because Colt is the- only /-cbnipany ; tlrat d i
manufactures, surveys, and .will install and : service- ,
its own warm air heating systems.- wd can ; u iidercy rite Xf f.
these sa\ ings. . : . • •'. c cme'Ny- - y wyfytd ■:
Because it any thing, goes VTong^ you 'talk- td'usfhyVy'ri
And - any promises we make, v'e-kecjA f r ' ;h T. A ;yy..
Ring us ior a survey, ltd] cost von' noth nigs
That's. a promise, too. ,- .
’ 0- c“, -wh-*'^s^.ii’^feVviev- vys N r T-«Cf ty'-t-rV ■ : -
u cost you ; not m ngvg A yhT v A c A f hh'^: :■
■j. . • r - ' ■- c 'C..' ; ■ . l V. c- : I. .; WW-; s v-5, • V •.-■
CT .T h v . :
/The Financial Times Tuesday October 2 1973
):
E6ITE0 BY ARTHUR BERHETT AHD TED SCBOETERS
These caps are sealed! for ipfenoMion *fccu; mdtmrid oppor.
announced that it is 'spending' [i^rshouid make his own packs'tO the container by a lacquer andf ***** w Mr. j. E.
METAL BOX which yesterday possibilities.
that the legend.
plants to make a on the premises with moulding put away and crimpea , »
a drawn - can at 'equipment operated in a sterile operation by means oc a unit
k ' ■ I* I . ‘j» u.AuiaJ kaa Hkn A j iPf*
COMMUNICATIONS
ENVIRONMENT
Telephone-controlled dictation
ALL THE functions of a dictating paper Index strip on the machine Apart from this the Teledictation
machine ran be controlled over t o show the ends of letters and equipment is standard.
55 . tel ®? bo: ?, e ,HSHI a Pocket- -«%- corrections. SEND can be added to any
Sized unit called SEND (standing " existing Ago vox Code*Line in-
tor Sonic Encoded Dictation). stallation whether it is separately
H** a , nn . oun ced by Agovox. .of Annmval * wired or linked to a PAX or
*• Voltaire Road. London, S.W.4. \ ai 1 PABX. It is a logical extension jT^TSSTiSSi ISmrtS
to ^^el^icfatton^mac^ne^madc SEXD . ta clairaed t0 , be ralSe €™vth in urban areas are «n?ng for technological services. . ; :j.
by the comnany from any phone drsl equipment of its kind and u ^ ere ^ who have no local subjects f° r discussion at a con- 0ne tbe 7ery promising
in the country. has Post Office ’ *"*“*" "
She buttons on tbe SEND unit has been developed
enable him to Start. Stop or back- Factored in the UJ\. ay AgOVDX. pwe idlers, jciwus oi th .- _ iUil— in--,* TncritirTa fnr numTir m-nrlurtc ■ hanrilhip
Sine“ He'ranX £FSl Apart - from tfae SEND unit * the “Kht „ head office to ** uS^^t of^Slo^ sy*™. ThSf are ap^SSbll
or all of hi dictation (m maiiv Cod * Line Te ! edicta ^ on b £ c ^“mmedSe SSSb £ £ ounded two years ago by six bo J to processing and paclagmg
times- as he likes); he can erase meni ,s Provided with an Inter- lnformat ion and to more closely European governments, inqlud- etther in metal or plastics,
and make corrections and even face unit and either a key unit monitor activities in many in & ®" tu . h Government. It Tbe attraction of this way of
have punch marks made in the or an announcement machine, different locations. wdl * ake ° if preserving food from the eon-
and is one of the current series sumers viewpoint is the high
of courses on the proper and quality of tbe end product, so far
effective uses of technology, in 35 flavour is concerned. This is
all its applications, run by the a natural consequence of the fact ;
Institute, which is based in that the new sterilisation .prb-
M i l an. cess lasts less than four seconds
Those taking part will include compared with 300 seconds by
senior representatives of local standard methods and although
government administrations from the heat peak of 285 degrees F.
many parts of Europe as well as ^ 45 degrees more than in the
senior executives from, relevant standard procedure, it is so brief
mdustnes. ■ . that the subtle esters which build
„ Tb® conference, entitled u - flavours are not chemically
“Urban Technology," will con-
JS&tS ; a n d X Of course, flavour is not the.
5&u envInLmt^d how Za
THE U-BiX 1 plain paper JggW ^
copier made by Mitsubishi Cor- ^rbVn Ernwth It U rart 5 asepuc method can offer very
poration of Japan and already i 97 § programme. Among co.nriderable capital savings over
being marketed m some 40 coun- J^ er top i^ a i t 53
examine the
£8ftn. on four
two-piece deep — — - .
West Houghton, , Lancs., has ; environment, also eaclosing the.patenied by^tbe company
many other new technology food preparation unit The other natively, lb?: aser on cpecuy
developments In the pipeline. ■ jis _to follow the., technique an easy-open. system-
.With a. research. and develop?, pioneered by Metal- Box. ■••• ... In either- version a steriliser/
ROOM 10 GROW
COME TO
Cwmbran
McCj tsb, General Menagor. Cwmbran
Pw fcpm e itt Corporation. G wont House,
Town Cemw. Cwntaran, Mon. NP4 3XJ.
Tof-Cwnbron 87777.
M4 FROMtONDOM— -M6/M50
FROM THE MIDLANDS
meat budget of.£2m..a year, the .'This can be applied' 464 the Allg unit for 40 pots a mmn.e ■
company is second to rmhe in standard carton used: for <biix$ available rammoriai^ t . ess than " goi n£ it ai Qne“
Europe dn its applkation of the .-products. . At the entry to ..the '^WWO, very-Sh ^ ^ watririhg itg ohiv
latest technSauSTto food .aad-.fOfii .systems, tKe.rartons are speed veryn wo rta ngnt W peg
beverage preservation. • 1
Urban area
wastes
management „
WASTE disposal, pollution— in- ^C^ouSies^eiSnically and 'faHj tte corfon 1 * closed off by i nstalU tiop tee price edge.
according to: Mr. a- foO , rap. : casing a ' pro^ -Almost; '8D order of magnitude TED
uiia«*«uuu. ■■ yntL * buv, v* h»v»»c wmwi. — ... ■ .. ■. ....wmi nsnv. VerV -CiOeeUf ana so far a«
This leadership is, in the, com- is ftien brought, up to sterilising BiAh woi^d Q0 ^ a ^J^ rauhl be found o*H yesteiday the
i,_ following ftp; biWBd. «our. .g «— ” rse
SCHOETERS
• COMPUTERS
Baric buys
a big
machine Q n ^h e line
'derod a I903T computer worth 1 r . 0 _
>er £400.000 from lCL. lt trill IOl iCoS
; than ever
OFFICE
EQUIPMENT
production work currently
controlled at Kids grove but pro-
cessed on 1900 Series machines
located at other Baric produc-
tion centres.
Baric is owned jointly by In- A^ttcnnlCnl
ternatiooal Computers and lu U Ululll
Barclays Bank.
BARIC Computing Services has
ordered
over
be installed at the company's
bureau in Kldsgrove. Stoke-on-
Trent, in April next year.
This will bring the total num-
enters U.K.
market
ber of computers operated by , TY ' tries round the world is to be n^ ri( ,ai conseauences of M °reover; to reach the same
Z eleventh SSS^E^iSK SBS^'^S? STS
! aasr — - i “• a? - out ° f ? ^
possible to supply the equivalent The system consists of a 2200 „ maaeiirac QRn v Mon. rietnik from Richard Tud- Bas ^ c differences between the
New Range unit. ' with 16K processor, twin mag- 0 J¥-^ aclun ! MaemtoffiS new approach and current prac-
Tbe new computer will have a netic tape cassettes, video dis- 850 x 60< mm. weighs 150 kg and a Tt ] ® ’ rices are inherent in the fart
64K word store and a full range piai’, operational keyboard, twin 15 a floor-standing console type 201-3, Italy,
of peripheral equipment Indud- disc drive, serial printer, built-in v ' 0 ^ in , g °?, 4 17 dectrostape
ina three EDS60 disc storage power supply, and high- and low- nmthod. Its basic principle in-
INSTRUMENTS
units and ten magnetic tape level language programming.
volves the use of a
x Recovers
units. The majority of the latter This offer has been made pos- “aster which it is claimed pro-
will be nine-track, 160 kch/see sible by the availability of the duces a crisper, denser image, •* ,
units but two of them will be new Ventek “floppy disc” sys- Jus. enabling tiie faithful repro- hpQT iTOTTl
seven-track models to retain tem. duction of solid areas of black. 1AWCLL II WAJ.A
compatibility with existing The Ventek floppy disc is based The company states that, since
systems. ... . -
The 1903T computer will
lQ -t; The Ventek floppy disc is based The company states that, since tT7n .. oir
on. plastic-enclosed discs, two the user can replace the master W HS LC 0.11
ne drives, a controller, computer very* simply, a high standard of
that asceptic handling comes in A f 4 !] T*ofp
two stages — the product and then / *vvUI U tv
the pack— while current systems • .
are single operations. Aseptic cfroifi
processing of products will vary u ti CXill •-
according to the' product If It
is a liquid or thin paste, .higb-
temperature steam .injection
Followed by flashing off 'excess
moisture wilL be adopted.
the PR 9330, can : be used by been introduced by General Elec-
. relatively .unskilled personnel but trie Company of tbe US., and is
nevertheless gives e rr or -free available for use in the C.K. inrci
measurements. This is 'due to Dean and -Wood (London). S3,
the combination of simple and Mansell -Street, London, 8. W. 11
logirid front panel controls phis - The new leak detector has been
". the automatic, capacitor balub - picturesquely called the “ Ferret-' 1
. ing; a feature that Philips with the specification, it has, n
pioneered in the earlier universal should meet deman ding industrial
bridges. On tbe PR 9330 this leak detection needs with highly
-gives' automatic compe nsation for accurate and fast performance
-- onf-of-phase voltage* equivalent Among new features are solu!-
PYE UNICAM of Cambridge has "to ilOOpF for 600 ohm tzsns-. state modular, construction for
Some research workers believe introduced two new Philips strain ducers operating from 10 V.
" — for specific application ‘
used initialb' to provide comput- interface circuitry, system power copy quality and sharpness is HEATING, cooling, ventilating this could be used with fine bridges
iug power for tbe company's supply and software drivers, maintained and fall-off of quality and heat recovery, all in one granular material as well. in one case where very .high
product development groups Capacity is 262.000 bytes of data is practically eliminated. Paper package, is the combination If thick pastes or chunks up accuracy measurements must be
’which are based at Kidsgroye; at a transfer rate of 3,700 bytes down to 50 gra/sq metre can be offered by the Regen-X-Pak air to I inch diameter (experiment- made and in; the other when
to run a new share registration per second. Ventek operates used. Purchase price is £1.745 conditioning unit, marketed in ally, but { inch in practice) are routine measurements -must be m - '
system which is now being from 112. North Acton Road, but the machine can also be Britain exclusively by Imprbvair involved, heat exchange systems made on up to four channels. firiidCif
developed: and to undertake London, X.W. 10. rented. (a Baxter Fell company! . ' would be used. • The high accuracy PR 9321 has^ tllxiCo V
This equipment can be used Under aseptic conditions, the a- digital display and on all bul'
to air-condition schools, hos- product would then go for metal the most sensitive range jr has '
pitals, hotels, high rise flats: and container packaging to a Dole a calibration accuracy of -0.25
offices, restaurants, indoor line where cans and can ends per cent, and a linearity of Setter
swimming pools, theatres, are sterilised with superheated .than 0.1 percent Tb? bridge is SOLID-ST ATE;, a
out
....but no reservations
about asbestos
We don’t need to tell you what happens
when fire strikes. The papers are full of that
Lives are lost Damage is usually extensive:
Proper use of asbestos, however, can
contain the spread of fire in hotels, schools,
hospitals, factories and other public places.
It is the completely non-combustible
material And its as natural as the earth it
comes from.
No other material, natural or man-made,
can save lives in the ways asbestos can.
We’d like to ten you about some of these
ways, as well as about the established
safety precautions laid down for those who
work with asbestos.
Please write to the address below.
The Asbestos Information Committee,
2 Old Burlington Street,
London W1X2LH.
Telephone: 01 -734 0081
asbestos
protectsus
increased reliability and easier
maintenance; a pencil-shaped
probe, designed to withstand
seven shock: and an improved
sensor thar eliminates the need
for maintenance and adjustment*.
...■ Snap-in circuit boards £.ve
• *- easy maintenance and replare-
. nient. The probe, made to with*
. stand punishment under con&iac-:
’ . . use. _is , connected to the comm!
• unit by 1-3 feet of flexible cable,
halogen leak permitting leak chocking in hard-
laboratories and department steam at 400-450 .degrees F . ideal for static or quasi static detector capable of scanning an to reach locations
stores, as well as for industrial This .technology^ wtf l fcnbwn measurements sucb-is'testbfg ^and assembly '-fine, and deteettagrefri- /Leaks are. indicated by a flash-
ventilation ’and process ! heat alreadj’. However. J if. users calibrating transducers or for .geranf leaks -&r snjaH it would- mg: light on the probe, a meter
recovery purposes. interest is to package aseptically monitoring drift or creep. - Take:* yeer' for 1/2009 of an ounce --.on' the- console, or an audible
The heart * of the packaged In plastics, there are imly two . The second new rtfain bridge;: ^ of refrigerant- gas to escape* has alarm,
unit is a rotary ex chan ger,
which recovers and transfers
energy normally wasted in
exhaust air streams. Both
sensible and latest heat are
exchanged by means of an
oxide-coated ' aluminium mesh
matrix rotating between com-
pletely separated exhaust and
supply air streams. Unlike n on-
metallic matrix heat exchangers,
this equipment .can withstand
condensation and clea nin g with
steam, liquid or compressed air
without losing efficiency. It can
transfer up to SO per cent of
the heat in . an outgoing air
stream to incoming fresh air.
A packaged unit of this type
requires less th a n half the space
needed for a similar system
installed on .site as ' individual
units with interconnecting duct-
ing.. This, is an important con-
sideration in view of the - high
cost of space in commercial and
industrial premises. Capital and
operating costs are also lower.
Five models cover a fan
capacity range from 6,000 to
53,000 cubic feet/minute against
external static pressures varying
from l to 6 inches water gauge,
depending on fan horsepower.
Standard - ' equipment and
optional accessories allow this
package unit to function in five
different cycles.
Improvair . operates from
Heathrow - House, Springfield
Road, Hayes, Middlesex. .
LICENSING
Forum for
Oslo
THtfRE ARE a number of
reasons why one organisation
might want to license another to
manufacture its product or . pro-
cess: the innovator may not have
the manufacturing plant or I
capital resources^ ha might not
have the appropriate marketing
and distribution backup (so that
he might as well license a
specialist organisation to handle
the whole thing); in some cases
— large corporation, research
laboratories are good examples —
the controlUng-company may not
see a real future for itself in that
particular field or else 'simply
cannot he bothered' with .It. as a
minor (in its own terms) manu-
facturing or marketing proposi-
tion. . ' ,
Beyond this there are, -dearly, |
organisations like the research
assodations and the NRDC andi
research contract laboratories}
that have an interest in licensing
problems.
In view of .aH this it is
surprising that . until 1972 there!
was no. really- comprehensive
eomin&together of people from
both sides interested in licensing
activity. In that year The Nor-
wegian Trade Fair organisation
in Oslo staged Know-how 72 ”
and the exercise is ' being
repeated this ‘year, in Oslo, from
October 28 to- November l.|
Officially the event will be known
as The Second International
■Forum for Innovation and Licen-
sing. abbreviated to " Know-how
74.”-' ’
Further information, can be!
obtained from The Norwegian
-Trade. Fair.. P,0. Box 130, Skflyen,
Oslo 2, Norway.
• •:» Sv. ■’
- /k ' ■■ '
• ^ ’A- x
r j
si*
. _ . Ari expert comments : : :•
. '‘Many Jgood peterman is .ddinfg
porridge because he spent -too fang' * •
trying to get iDtao^crf;th6se'->i; ..-p •:
wicked tann Safes. - V. :X ;
V; .; The st.cpRes these Tann people T'
abmedip Wry^are plaindiaboficaJ. : ••
TTie^got lots d: names see. Stratford;
• Tann.Katrier- ail safes made by the
same ailwfvha^y,tricky ^-'v:
devices; v •* . •' \ ‘
- :! . f r^member'grandad weeping;.--' -
•Me a feby when he blew the lock on •
•ivf^nerr’Safe only t’o find thejxjfe--./
h€3dTlrm wly a re- locking device.
U^tHm sp.much hd went off.to; "
f^ht the Kaiser.-. . . : .
' ' ' Now I lenow hbw he must have
feft-jTourid a smashing vi^y of drilling
a safe open. Just one' small hole wiv :
the IfftKt .power tooTsTTben l tries it
\ on a-Tann. A r^kh'okep.th^t was 1' ■
All I dld -Was set off re-locks all over" ; '
the place:' y /•;. - N ; • ' ;V";
'Wbatww/diat dndtheir thermic.;
. lance deterrent ^ weli j arstcybul
. \ There arestil f some easytoucheS
about; but this Tann business speeds ;. r
I i ke a^disease. What yvtv^ecurlTy ’ -'
- centres ^hover the country . factorfes
and agents aroynd the world^.i^s.;
getting hard. to. d odge ’em. ^ ^ v .
. D'you-knpw, nearly haff the';"'
.safes sold in this country come oiitof
the' Tann Group! - _
■' • Jake my advice mate, buy a tin
carr safe (Orie l can open !)
Tann Safes are bad for business.
T MyBusiness."
v L J? ^ 0l,r Side o f the story contact:
John Tann Security Ltd:.
'idling Corner. Borehamwcod. Herts.
;Je/ep hof$Of-953 2021 .
l.j:
u
mm mm
mm
I® M_
r-JL--^: •*!
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efficienc
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**/.-i»:?.A
'•}-* *■ '■ "'•A /'"■
■....'m^a>.» . : .-. :-^vuwOw #m#iw ■
Automatic double-sided copying is just
one of the ways we can help your business
run more smoothly. You can see it working
ori the Xerox 4000 at this year's B.EE
.. Look out too for other short cuts. Like
machines which feed in. documents
automatically. Then turn out copies at the
rate of 3,600 an hour. Then sort, slit perforate
and collate the copies.
We can reduce A3 documents to A4 in
seconds, if you prefer. Or send copies over
the telephone in four minutes flat Then
theres the star of this years show, the
Xerox 31 00-the mini printroom you keep
just outside your office.
All Rank Xerox copiers come on
convenient rental terms. And all are backed
by first-class advisory and technical services.
If you can’t get to Olympia this year, never
mind. There are twenty-eight Rank Xerox
showrooms throughout the United Kingdom
and the Republic of Ireland, doing the job of
Stand 4/ 1 2; so there’s one close by.
Which is another way we can help your
business run more smoothly.
&
RANK XEROX
12
urge review
of Protestant detainees
BY OUR OWN CORRESPONDENT BELFAST, Oct. 1.
THE ULSTER Unionists niay not The ca 5 .es in chronological order Behind this lies the fact that
now tarie part in Friday’s talk* so that those who have been there is practically no enthusi-
on the formation of a Northern detained longest will have their asm for power-sharing among
ireland Executive unless the cases heard first. This means rank-and-file Unionists, not even
uovernment promises an early that the Protestants, all of whom among the party’s moderate
review of the cases oF Protestant have been detained recently.- will elements,
detainees. he at the end of the queue. The most serious effect of Mr.
This was the message given to The Unionists feel passionately on * e _ R® 8 ?* -
^ttr. Wiliam Van Straubenzee, that the Government is prepared integration with Britain
Munster o( Stale at the Northern to make concessions and gestures rf^ to convince them that
Ireland Office, bv a Unionist dele- only to the Catholics. a f. err ? a V V , e ’ d -^ p ^L e
gallon which saw him in Belfast. The delegation which saw Mr. “mister s later clarra-
The delegation was led by Mr. Van Siraubenzec included Mr. ' .
Roy Bradford, a leading Unionist Bradford and two other Unionist t . Jf 1 a “}JS Unionists now fear
supporter of power-sharing. Assemblymen* Mr. Joss Cardwell . Brian . Faulkner, the
which makes the warning all the (East Belfast i and Mr. Nelson te der L wl uw 0 i- be » able J 0
more serious. Eider (South Belfast i. beg ins party with ^ towards
rp- . . . . . Thev were ouite open about ^ Executive unless he can show
The Unionists have seen in- r h5r reasons far wSn- Pro- ttat CO-operation with the White- 1
rtnsed by the fact that no *5' reviw hX* iaw administration cab bring
Protestants are among the first teataDts on lftp revle * 11 “ l - - rewards. ■
two batches of detainees who are The Minister was told: “ In. the it will be difficult for the Gov-
to have their cases reviewed; The delicate and difficult series of. eminent to yield to such "pressure
Anti-Market critics
‘sicken’ Soames
Ezra goes
for hospital
check up
lake the sting out of the intern- accorded to Unionist represents- will be desperately anxious not
menl issue. lives as to those of other parties to : Iel anything threaten the talks
The Government pians to hear if any progress is to be possible." at this late stage.
Workers’ new scheme
to save Shelton jobs
BY OUR OWN CORRESPONDENT
MP calls
steel policy
“madness”
A LABOUR MP claimed in
THE STOKE-ON-TRENT action blooms produced by continuous ! Blackpool vesterday that Britain
committee, which is try ing to casting at Shelton would continue i wa se»ine steel to Europe
persuade British Steel Corpora- to be the highest rn the country, i th / n buvi * it back at higher
lion tn rhnnno ils minrl about Mr. Ted Smith, aCtlOD m mmi t-1 * • 1
, ; prices.
lion to change its mind
closing the major plant at the tee chairman, said such a scheme j ■ .. Tf th _- {c w u-it
Shelton steelworks. Stoke-on- would open up a new concept of }K . L^dbltter
Trent, has come up with a fur- steel making at Shelton. Com-** asKed Mr ' led Leaa '
ther alternative
come up WHO a iur- sieei mawag at omruua. v~um- arp f„ P Thu Hartlpnnols
»Uve proposal. About pared with the installation of He ^ ommons
1.600 jobs would be last if the electric arc furnaces, already au e sti0 n raUioc on Hr Peter
plant closed. turned down by BSC. the cost ! Secretary for Trade and
The new scheme involves intro- of transporting molten ore would;. S retSw the oolicv
during three torpedo ladles to be negligible and would be anl^JSP' ® s T^ a P «in m
transport 750 tonnes of molten answer to the problems of scrap . . Wr
iron by roil from Scunthorpe, a The committee's other g 1
low-cost source, to the works natives to closure are a . ioiM JTS^^tein tire next two or
every day. venture operation on the site
The committee contends this part municipalisation of the ^^ff U ency' 4500 jobs
would enable the works to con- works. They will be discussed j S ,tuency 4000 JOOS
It was “ disgraceful
tmue making steel and con- with Mr. Eric Vartey. u shadow
tinuous castings, on top of the Minister for Trade and Industry
that at
already assured" ionger-Tife roll- when a deputation of Shelton j rJ^'oration^cou^d ^ot^aMept
ing mill activities, and thus save steelmen visits the Labour Party ^oration could not awept
uboul 1.000 jobr. Yield from the conference rodoy. E£S , «. , 'ffiL B 228
Long;- range weather forecast
Mainly dry, above
average temperatures
because they could not meet
1 them, steel was being exported
1 at British prices to Europe and
41 returned to this country at
higher Common Market prices.”
Concorde seats
booked for 10
Atlantic flights
THE LONG-RANGE weather The first half of the month is I
forecast for the next 30 days likelv to be wanner relative to! AT LEAST ten trans-Atlantic
issued by the Meteorological avenise the second half i Bights for the 'Concorde L alrilner
office in London yesterday was: • haie already been sold on paper
Much of the first week is likely Mean temperature will prob-i— two years before British Air-
to be mainly dry and anti- ably range from much above | Jl r irf S f^ th ®_^^ erson3C Jet
SSTSJS irSTho ve aVerafie iQ norlh “ d uest *** i -‘Therl werf uSl names
most districts soon rising abo\e j and t0 a i> ou t average in j registered on the waiting list at
average. southern England and south j the end «r September,” said a
Although further dry weather British Airways spokesman,
is expected, some spells of wet. . vvaies - ["There are people from all walks
unsettled weather, are probable. Rainfall totals are expected to; of life — from grandmothers to
especially’ in the south. range from below average in businessmen. The list is grow-
.x *». , u „ . Scotland to above averace in inn all the time and there is
easterly wMthei^type* »g£ inland and S ,.»th j » Jgfc that by .975 U ««.
ably occur more frequently than w ~ es ; j He added: “It’s a bit early to
say whether a seat on Concorde
usual giving less than the Eastern districts are likely to
average number of gales in be duller than usual with near
Scotland. average sunshine in the west.
will cost more or less than on
an ordinary aircraft-”
• The : FInanriaT Th& October *2
' Go-
first
speed train project
BY RICHARD MOONEY
: * THE- GOVERNMENT has decided deliver? to the autumir of 1871
]to go ahead with the first stage and the full service should h,
• 1 6f British Rail’s high-speed train operating on the route from Ma }
i {project . Mr. John Peyton, 3876.
‘ [Munster for . Transport Indus-
fttt.' yesterday approved m White Paper
I principle , auiorfsed expenditure .
[of over fltoi.- for ‘the construe- British Rail s .initial - pr
Itjoa of 27 advanced' power cars, -rannae for high speedy wan
t. These will, be used on the covers the building of. K.sdts.
iLondon-Bristol-South Wales route decision on financial --.prpt>hic._
and should come into operation f 0r the remain ins 42 irkBaf jrti]
: in 1S76- - - have to wait until after thepablf
f- The new trains will raise the cation of the White ;F*ppfe a {
I average journey . speed from 75 pailway policy, which S-d
j to 87 mph^ cutting the llS-mife nsonth.
; ILondon-to-Bn^ol trip by 28 If . approval is foripceghni
these trains will serte thifti“
-minutes- to 82 minutes.
I The London-toGardiff; Tastest coast main line tietv^a
jg uyissrrs ss «
on n woulfl ** aial lor y0u t0[ the National Coal . Board, has Mr- Peyton has already autho- A^deen from 1977” -
entered Crawley Hospital for an ri^d track improvement expendi- .... .
extensive check-up -after * lhn&iture- of £lm. to the Western 5
of particularly 'heavy Region and £14na. for 300 air* should go some .Wy-
man conditio!
ANTI-COMMON MARKET pro- for worry. It only means we are 1
paganda must not be allowed to hard at work-” - i '
take root. .Sir Christopher He went on: “ We really must J
Snames, European Commis- .not allow this insidious anti -4
sioner, said .in '-Glasgow last Market propaganda to take rooui
night. - It is just a bit too easy for them. !
He told the annual dinner of isn’t it? to go round asking what;
Glasgow Chamber of .Commerce concrete benefit the man. in- the \
“lam sick and tired of hearing street has already felt f romour;
some of the llf-informed com- entry? ' 7
meat we are getting on what the We are not in the ~ instant !
Common Market has meant 'so miracle business, you know.’* It 1
. fa £"; „ . . was only sis months since the!,
Only 1 per cent., nf the rise first small tariff .reduction- came j-.
fo. .the, cost of. food , could be into effect and there, would be i '
attributed to our. entry into- the no free trade with the Conflnenl }
Market* he said. The rest was until 1977. !
due to inflation and world forces . _ tK T >• ■■V.*
or supply and demand.- ■ Exports .; to- the Common.
On juggernauts, he maintained JjjZ hv^innpr'
that it was British rules -and ^ w ‘” 1 , “creased by W per-
nothing else that governed the ®| n *‘ over ^ aam ^ penal last-
5ize Of lorries on Britain:, roada ^ Mr WOTed
■ promise of prosperity will npt
. fulfil itself either' in profits or
employment without -a. conscious
Hard at work
Mr. Derek Ezra ’I'-j'
which our common future is believe that -the advantages of
being forged. The fact . that, membership will fall like ripe
the sparks are flying is not cause ' fruit into your laps. 4 *
Italian wines sell well
but champagne is down
. ing the Budget, the- trade is now r«Li— jai-'
staUsticF released, to-day looking for a sales increase of I - L/llinCS 6 : 213 IB V
the ^ montb^of June. An between 30 and 40 per cent-, in) . ~r V '
buying reports
BY KENNETH GOODING
GOOD NEWS for the Italian harmonise the introduction ’ of
wine trade and bad tidings for VAT with duty cuts in sach a
shippers of champagne to Britain way that up to iOp could be cut
are contained in the latest figures from a bottle <ff table wine,
giving clearances of wine from ‘ In the light of events follow-
bond. . ing the Budget, the- trade is now
The
cover
analysis of Customs and Excise the .current year com pared 7 with
returns by the Wine and Spirit a 17.7 per- cent, rise -in 1972. “
Association shows sales of Italian The Italian traders ;are looking
table wine during the' month, for' even better results.' Having
jumped 91 per cent over the nearly doubled sales in the U.K.
same weeks in 1972. last year, they .expectT to equal
’ This is well ahead of the per- -this achievement in 1973. ’ - .
formance of the table wine . ... ..’
market as a whole even though.. Uyfcftaken '
the total market showed con- .^ ^ atteMp'hera the
tinued spectacular growth. •. . poor performance' of champagne
Table wine skies in June were standi out Last year champagne
up by a third on the same, month sales in Britain were overtaken
in 1972. So the total for the six- for the first timc’by other types
month period stands at 24.7Bm. of sparkling wine,
gallons or 25.9 per. cent ahead of ’ This. June, champagne sales- at
the same months a year ago-^d 103,000 . gallons .. Were i 9,000
a' wine sales record for the U.K. gallohs or 8 per cent, below those
was set in 1972. ' of June, 1972; Increasing prices
-At the beginning of the year, for champagne and the deter-
trade leaders were estimating mined ^promotion 'of. ' other
10 per cent growth for table sparkling wines by the shippers
wine. But they reckoned without both played, their part in this
the Budget which chose to decline.
Train, sets for the’new service, project, fearing thAtrtelaj
period 01 parucuiiiiij' u««J! I JRegiou u™*. *•** ' ' — , raJliuaw iifiSnn-
engagements. ah NCB spokesHmn|^ conditioned, coaches, some of satisfying railway union _
said yesterday. : .
.Mr. Ezra; 54, is under obserya-
tfojj, he said. - His appointments
for'.the.. immediate future ' am
being cancelled. .He has been
Coal Board duurmap since .197 L
: . Me. Ezra’s engagements - this
year have included a fact- findin g
tour of the U.S. and Canada,
visits to British: pits, and - many
speeches at -various ' function.
Including. -'inineworkers* confer-
ences. ‘ •
Saleroom
Rossetti picture
makes 7,000gns.
WASHINGTON, Oct L . >
GOVERNMENT, officials here
report they «re atte mptin g to
verify so far - imsu bstautiated
reports, that ■- China- recently- _ has.
contracted to buy a further 3m.
tods .“of UB. corn^ (mai*e)/
■ At the/same time' reports from
the London shipping market that
Chinese brokets hare ..recently
secured- a- number - of Vessels to
ship grain from North' -European
ports to China have triggered off
rumours of wheat purchases too.
. According- to : . rthese.- '■ reports
China ix attempting to buy about
4m. tons Of Canadian wheat With
shipments - to . com mence -V This.
LDecember. But so - far The Canib;
dians have -countered with - an
offer of, only 2m^ toss, . ? i ’. . .v ’ '
China already' has contracted
to take about 2Bm. tons of fifi.
wheat for _ shipment this
marketing rear, which began
last July I. She is also already
scheduled to receive about.
600,000 tons of UB. corn during
the new marketing season; which
began yesterday.
Reuter ... ; •'
Slough Estates plans
development in U.S.
BY JOE RENNISON “ .
HSloUGH ESTATES iff to increase The two sites, the larger 0 ]
its overseas- property interests which is 25 acres, are t«/£is
With a development in the UB. Grove, an industrial safaftb
A new company, Chicago. They arq adjsrent
with Draper and Kramer, an estate and one of the it
American reaf estate manage* the world . V'
tmeut and mortgage banking ij ^ expected that/i
corporation. .* •- - btiiklinfc will be ready'3
The new comply /will be 88 nation Sxt spring- tAjP-
per cent owned, by . Sfc«g5r pieted project wilt 'be Wd
Eatates and the rest by Draper siom. ,
and Kramer. Financial backing - ..
has ’been provided by rtte First ' T^ p 01 "® h .
Nartonat Qfv Bank of. Chicago. - projects. A *pokesi^%^»r-TjL,
In.adeal worth 82Am. the cpm- *** J°J?\ ^SSSSS'
pdmy haa- bought two ettw wtaT- are interested tos
W-SRSSS SUf -at an 1
average price Of $65J)00 zb acre. - 0 ®^ tip of the iceberg.. _
■^- land wiir be developeti as an ; - Slough Estates - ufreativ> jiivd
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CHRISTIES' OPENED -Ttbeir artist valued it at £210. In 190S
Victorian Week yesterday with a k sold, at Christies* -for 26
very successful sale of fine draw- 6a ^f ^
. . . A - the executors of the Miss Sybil
ings and water colours. A Dante and it cam e from a coJlec-
Gabriel Rossetti picture in tion of her father, Pickford
coloured chalk, Ligeia Siren, sold Waller
for 7.000 guineas to the London The • sale totalled £54.926.
dealers HartnoU ^d Eyr^When Another Rossettf chm drawing
it was completed to 1873 the from the same collection, a
portrait of Jane Morris sold for
3,800 guineas to Stone Galiey.
Newcastle. A water colour, by
Rossetti, After The Ninth Hour
sold'for 1,400 guineas to Maas.
A water colour by George John
Kenweli, The Fine Lady also
from tee Waller collection, sold
for L800 guineas to tee Fine Arts
Society. Pickford Waller had
bought this picture at Christies'
in lff?6 in the. artist’s sale for 3}
guineas. Two water colours -by
William Joy, a French coaster,
men o' war and other shlpp
becalmed offshore and a Bril
merchantman and: an American
clipper under full sail each sold
for L500 guineas to a private
buyer. • ..
A collection of water colours
by. the B irmingham artist Allan
Edward Everitt were sold' by the
Birmingham and Warwickshire
Archeological Society for a total
of £2,166. A water colour of a
cricket match at Radley College
by George Pyne was bougbt for
450 guineas by Mr. R.- "W.
Robertson- Glasgow, an Old Boy
of Radley, and presented to the)
college. *
A sale of 19th - century
orientalia totalled £26.012. A fine
pair of elaborate' Japanese
bronze standing figures sold for
1,060 guineas to Noble Antiques
and an Italian dealer Castoriano
paid 050 guipeas for a pair of
exotic Chinese bardstone and
cloisonne enamel hexagonal
jardinieres.
At Sotheby's the first part of
a sale of printed books realised
£8^790. Dawson bought an early
Alchemical book. The Last Will
and Testament of Basilms Valen-
tinus, 1671, for £200, and Mur-
ray Hill gave £190 for a
collection of early .18th-century
pamphlets bound in- one- volume.
77te Bistory of me Jems, in
England -by Men asset Ben Israel^ .
1656, went to ’ Shapiro for- £130,
and .Quaritch paid £120. for GiU
bert’s .TTie: Donats Of. Kingship;
106 O. : , .i
Phil ips 1 Eunjit are ; sale realised
£16,525. A William IV . maho-
gany circular dining table sold
for £460 to Gibbs. ‘A sale of. oil-
paintings made £14,063. ' F.
Foottit’s Figures on tee Edge of.
a Wood went to Suffolk, for
£L200.
NORTHERN
TRUST
BANK
THE NORTHERN TRUST COMPANY
LONDON BRANCHr38, LOMBARD ST. EC3
TELEPHONED! -823-1101 TELEX 884841
HEADQUARTERS: CHICAGO, ILLINOIS 60800
New pension
scheme for
hosiery trade
Financial Times Reporter
DETAILS OP ail industry-wide
pension scheme, drawn np in
consultation with the National
Union of Hosiery and Knitwear
Workers, are expected to be
available by next month, the
Knitting Industries' Federation
said yesterday.
The scheme will be a flexible
one. It will meet the minimum
contracting-out requirements of
the State Reserve Scheme, but
individual companies will be able
to improve upon tho terms if they
wish. The federation is .urging
members not to commit them-
selves to alternative schemes
until the details of its- own :
scheme are known.
iiSSTii Wr*4BS
five coaches and 5 two catering jeopardy. UnUl • approp
Vehicles, anil cost about £750.000 been given for the, full .Innsi -
. meat programme, they axe uo
The .first train-ls scheduled for likely to be entirely happy/.
. Fix"
industriaUesUte, one of the- first extensive property interests
such, ventures by
property company.
First test run for latest
Rolls-Royce RB-211
COY
DONNE; AEROSPACE CORRESPONDENT
.V*£S;'u : ?
;i?>.
III «|W
Danish team on
technical visit
to Scotland
A DELEGATION from /Aarbu&
second city of j Denmark r In visit-
ing Renfrewshire khd Central
Scotland to 'study' planning aqd
engineering ■ projects. •
The. part yis led by Mr. Jorgen
Sorensen, chairinah of tbe Aarhus
Technical . Committee and . Mr.
Johannes’ ■Sorensen, city engineer.
■They ;: haye a particular, intarert
in the new housing.’and motorway
infrastructure within . tbe Lower
Clyde .Taney, . .* ■
They Will also visit the Erskine
Bridge; Erskine New Town and
the' advance refuse ' incinerator
being, built near Linwood.
;V .
ROSGILL HOLDINGS LTD
Another successful yfear
sjeFrofits of the Group before tax were 83% up at £1 .1 1 6,046 (£617,852).
— Net earnings per share were 6-64p(3-l3p). . .
H? Dividend 3-3p gross Was : paid dnv31. August 10% above the Offer for Sale
. forecast- .. . . .. .... ... - , - ...
sjc M oneysave Lim ited —Discount Stores. Pre-tax profitswere £1 75,000, an
" . increase of 146%. . ... ; - ' ’
In August two stores at Shipley and Pontefract were acquired ; a further three
. . stores are scheduled to open in the current financial year. These five stores will
- '. add 80,000 sq. ft to the listing selling space, ah increase of 66%. A number
. _t>f new sites are in an advanced stage of negotiation, providing an additional
• ^ minimum of 1 00,000 sq. ft. of selling space.. A site has been acquired in Batley,
. and tenders have been requested for the erection of a 1 00,000 sq. ft. ware-
. •/.••■'house. -. - • •
.These increases are only a beginning to h/loneysave's growth envisaged over
v ~#ie neiafew years. . .
: . * Pippa Dee Parties Umited Pre-taxprofitswere £961 .000. an increasaof
.: - 56%. Because of the restrictions impeded by Phase II, the Company is
* . . currently totally committed to profit growth through increased sales volume. ■
, - Increase Insstes asagainst last year have already been recorded. The rangeof
V oahriehts; was. extended m January resulting in an increase of over 16% in
Bverages^es par party. ’• v /. - .
; '4Boye:A4ar vysw'aoT*4rU_k*stBr.' and vnnhouumtBunan on ItoH.
■ » v r ^* rt’ rb. ■ • ^ :'x: --.v
- • v r. '*
.
British Canada. Belgium. France aac
Australia as well as in iiie U.K
ItHE KEW, more .- powerful The new engine is also being
veciioti -of the Rolls-Royce offered to other manufacturers cf
RB-211 ‘ engipe was given its wide-bodied airliners, includics
first run on the test-bed at Derby the European A-300B airbus
yesterday. ■ _ . while Boeing of the U.S. has alsa
The engine wiU e ventu a lly shown interest in it as a pote*-
produce 48,000 lbs of thrust or tlal power-plant for Its new 7X7
6^000 lbs more than' .tee thrust family Of jet transports,
of the current version of the The development • programme
RB-211 tn tee Lockheed TriStar for the RB-211-524 calls for ‘tee
airliner engine to be given its a Invert In-
Development of this new ness certificate by late 1875.
version of the RB-21L designated Production engines are due for
tee RB-211-534, is beteg -finuxeed delivery early in 1976, and (be
by the U.K. Government. ■ The engine is expected lo enter
engine is intended to power the service in the -late summer . of
longer-range version. ' of the that year.
TriStar, called the Dash 2. now ‘ Rolls-Royce (1971) yesterday
being planned by Lockheed of said that so far, more than 230
the U45. ’ . of the earlier version of the
The new; Dash 2 airliner Is on RB-211 had now been delivered,
offer to a number of airlines, to Lockheed, and that 43 Tristan
including British Airways and wftre now in service with five «ur-
Air Canada. It will he capable lines. Total orders and options
of flying 273 passengers Oyer -a for TriStars using the earlier
Tange . of 5,300 miles. . engine total 199.
13
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it is not a car.
Jfe fejest Fiat is bigger. than a can •
a traac Because this new Fiat is a whole
aruzaffon : Fiat Earthmoving Equipment.
3ars ate not our business. Earthraoving
mi is. And we intend to become as much -
Idwkfe leader in our field as Fiat
mobiles. ; .
That’s why we’ve invested 64 mfllion dollars
', to create the most modem, most fully-
;edfactoiy in the industry.
"Leece demonstrates that we believe
juaf*
ie^nde'ntly. •
®^ we don’t overiook^ . . '
j |e hadfrom some of the other
Plat team. •
^presit DivisipjS, whose experience
•«*■***
glg^ggl par, ranging maze Bromatew
BpS^Wir'io ste-^inj^rhonsKS deve^opin
^^t-dss&f&esy includes the diesels spedail^^ 1
d Tor Own models.
^ot to mention Fiat’s iron and steel
tR&D facilities.
We’re already off to a strong start ■ . . ; 0
sere
loader sales there account for some 30 % of the
market. We’re moving fast on other continents as welL
- Tratores Fiat do BraaL, for example, today builds
and sells more than half the dozers in its market.
.For the time being, the Fiat line stops at
200 hp with the series 20 dozers. New models will
fOTOW^all of them designed to fit the realities of our <
customers’ growing costs and changing needs.
- For example, in most of the world’s
fully-iiKiiistria^ countries, big construction works
are becoming the exception ; utility jobs are more
and more the order of the day. And we do not want
to saddle CbEfraetors with equipment that costs them •
too much to buy, to maintain, to move from job to job.
We also realize that our real business
is provkUi^work-iours, not just machines. For this,
j^diggjBeTequiiMnent is only half the job.
The othdrhalf - helping a contractor choose the right
ri^hine f<^thd job and pro vidihg the maintenance
J^at ke^^fe^aachine on the job - is up to the men
jftbur fd^orgahizRtions in 60 (Efferent countries.
'KSfe why we^ve invested in people as well.
The men who work with us,are an important part of .
.< iaV-A-
the progress we’ve made so far. And because we’re
growing fast, we’re constantly on the lookout for
more of the right kind of men.
We’re looking for men with sound technical
back-grounds but, even more important, men who
aren’t afraid of new ideas. Earthmoving equipment
is still a young field. Despite what our competition
may Eke to think, it is changing rapidly.
And we are part of the changes.
Because though we are most definitely
not a car, we’re still something very speciaL
We’re a brand-new Fiat
r-' -v . 4v 4 -
i’*. f.
: '
earthmoving equipment.
m
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14
The Financial Times Tuesday October 2 1973
make
; Mmk,.
j#-
Vft.? V
3,%^
.^..ag&£'EsS!fi
wWM^m
Samuel Montagu & Co. Ltd., 114 Old Broad Street. §T Jl
London EC2P2HY Telephone: 01-58-S 6464 ^h »i ^
Regional Advisers in Birmingham, Leeds. Leicester, Manchester and Sheffield.
Please telephone or write to "The Information Centre” at our London address for a copy of our illustrated brochure.
. . ,. _. _ _ P
3ttoma no ;th ej E^i $7 ?
j^and^^chan»^^^3ir^l3'iffK-:'
^Wrnimw^'
Economic Plan
Republic of Iraq
Ministry of Works and Housing
Directorate General of Roads and Bridges
MUSAYIB BRIDGE
TENDER NO. B/10/1968
1. The Ministry of Works and Housing. Directorate General
of Roads and Bridges invites Tenders from reputable
experienced international contractors as well as local
contractors of class I. II according to the Classification
of the Ministry of Planning, for the . construction of
MUSAYIB Bridge, in Babil Governorate.
2. Tender Documents, and details may be obtained from
D.G. of Roads and Bridges (Legal & Contract Division)
between 1/9/1973 and 30/11/1973 upon payment of ID.30/-
or equivalent in foreign currency which is not returnable.
The Tender Documents may be inspected also on or
before the above date at the following Legations of
Republic of Iraq in the following places: —
1. London — United Kingdom.
2. Warsaw — Poland.
3. Prague — Czechoslovakia.
4. Sofia — Bulgaria.
5. Helsinki — Finland.
6. Moscow— U.S.S.R.
7. Berlin — German Democratic Republic.
S. Paris — France.
9. Belgrade — Yugoslavia.
3. Tenders must be submitted to the Secretary of Tenders
opening Committee In sealed envelopes marked with the
name and number of tender as well as with the word
(TENDER) against a receipt on or before 12 o'clock of
1/12/1973 and if sent by post, by foreign tenderers
they should be registered and should be received on
or before the time mentioned. Any tender submined
to the Secretary after the above date will not be considered.
4 If the closing date is a holiday, the next day shall be
deemed as closing date.
5. Tenders must be accompanied by preliminary deposit
of ID.40.000/* (Iraqi Dinars Forty Thousand) which must
be paid in cash to the cashier of this Directorate and
the receipt for sucb payment must be attached to the
Tender. Such cash deposit may be replaced by a bank
guarantee from approved bank in Iraq.
6. A list of works of similar nature with a- list of the
equipment and machinery’ intended to be used and a
copy of the constitution of the company if the tenderer
is a company shall be accompanied with the tender.
7. Prospective tenderers should submit the membership
certificate of Chamber of Commerce and income tax
clearance for the current year. Foreign tenderers are
excluded from this condition.
8. The Ministry does not bind itself to accept the lowest
or any other tender.
HANI AL-6HARIF
for Minister of Works and Housing
D.G. of Roads and Bridges.
Profit margins control may
slow retail price rises
BY ELINOR GOODMAN
THE EXISTING Government
control of profit margins could
lead to a significant slowing down
.in the rate at which retailers pass
on manufacturers’ price increases
over the next few months. This
is without the tightening-up on
retailers' profits expected to be
outlined soon in the Govern-
ment's proposals for Phase
Three.
Several major retailers, includ-
ing Littlewoods, and J. Sains-
bury. have already reduced some
prices to comply with the Price
Code, and it is likely that others
which reached their reference
level in the first two months of
Phase Two. but did not actually
exceed it. will shortly have to
take similar price-cutting action
to avoid going over the top in
either their second or third
quarterly returns.
Grocery trade
This, in turn, could lead to a
heightening of competition,. par-
ticularly in the price sensitive
grocery trade, which may result
in other retailers slowing down
the rate at which they pass on
manufacturers’ increases. The
only way a retailer, like any
other manufacturer, can increase
his overall profitability under
the existing code is by increas-
ing its turnover, and to do this
a retailer has to keep his prices
in line, if not below, those of his
competitors.
Two weeks ago the U.S.-owned
Safeway Food Stores group
agreed with the Price Commis-
sion to reduce its prices, adding
up to at least £35.000 — the
amount by which it exceeded its
reference level. In the event it
is cutting its prices by consider-
ably more because of what the
company sees as " the increas-
ingly competitive nature of the
grocery business, largely result-
ing from the existing Price
Code.”
According to Lord Redmayne,
chairman of the Retail Consor-
tium and deputy chairman of the
House of Fraser, “ price controls
in the retail trade are going to
have an increasingly direct effect
on prices in the shops over the
next few months.” This feeling
was echoed by Mr. Martin Plow-
den Roberts, marketing director
of Allied Suppliers, which last
week announced it was going to
absorb the ip increase on bread,
cleared by the Price Commission,
rather than pass it on to the
customer.
The decision to absorb the
bread price, he said, was taken
largely because the company
wanted to increase sales, but also
to avoid the possibility of coming
up against the stores’ net refer-
ence level in its future returns
to the Price Commission.
year, but for department stores
the problem may increase ; '*“ta
the pre-Christmas sales bui:d-up.
The Price Code allows Lhe com-
mission to take seasonal factors
into account when cxa=:r.:n 2 a
company’s quarterly returns, cut
so far it has not been very
flexible on this point.
■ Although shortage of sta^-
means that the commission
not he able to follow up all the
cases where a company is found
to have exceeded Its reference
level, it is likely to rake
immediate action with retailers.
Slower rate
This is partly because of the
public relations impact of per-
suading a retailer io lower his
prices, and also because price
reductions are more easily
affected In the retail business
than in manufacturing. Out of
tile four companies which have
so far agreed with the Frice
Commission to reduce then
prices. three have beer.-
retailers.
in their discussions with thr
Government on Posse Three. re_
toilers are known to hau'
emphasised this ion "-term eficc
of the existing price controls '
and pointed to the fact that re. , ;
tail prices have generally u£ v .
creased at a slower are tbafi-
wholesale prices over the 4ay
few months. - ■
However, despite the Irajiac -f
of any future slowing down is..' il
the rare m which retailers pas-- ^
on manufacturers’ price increase-
to the public, few retailers holt .£5?
out much hope that the slow
down m price rises shown u Sf
the ofl.cn I figures for Angus
will continue much longer.
There are still many mon (gF
flour- based price increases in thr
n:pe!ine — biscuits and cakes, .fo,
example — and at least part./. rzk
these will have to be passed' o>
to the public. T,w ■=-
ANNUAL STATEMENTS — continued
Two ways
Retailers’ profits are controlled
in two ways under Phase Two.
They are subject to the same net
margin control. as is the rest of
industry: the average of the best
two years’ net percentage profit
out of the last five. In addition
there is a gross margin control
which prevents them increasing
the level of mark up on manu-
facturers’ prices.
. The gross margin control has
not generally been found very
difficult to comply with except
where retailers have changed
their sales mix to put greater
emphasis on higher profit lines.
With the expansions in retail
sales, however, store groups have
the net margin control much
more arduous. The increase in
overheads has not generally kept
pace with the increase in sales.
The problem has been aggra-
vated in many cases — Sains bury
for example — by a shortage of
staff which has temporarily
reduced the wage bill. Several
supermarket groups in the south
of England, for example, have
found That their wage bill for
1973 is running at the same level
as last year despite a pay award.
The slow down in retail sales
of consumer durables may mean
that the pressure on some dur-
able retailers’ margins willj
lessen in the second half of the
Drive-on
car ferry
service for
Guernsey
By Our Own Correspondent
GUERNSEY. Oct. 1. '
BRITISH RAIL Seaiink plans to
operate a drive-on drive-off car
ferry service between Weywonth
and Guernsey next summer, fol-
lowing a decision of the island
Parliament to spend £175,000 on
installing a ramp at St. Peter
Port harbour.
Channel Island Ferries, which
introduced a drive-on drive-off
service between Jersey and St.
Malo this year, will also take
advantage of Guernsey's new
ramp by running services be-
tween the island and France.
Because it could not provide
facilities, Guernsey was by-
passed when Seaiink started a
car ferry service between Wey-
mouth and Jersey last June.
Meanwhile, over 18,000 vehicles
have been carried on the Jersey
route and Seaiink says the ser-
vice. is “ exceeding all expects
lions.”
The Guernsey authorities and
Seaiink have now approved a
new type of ramp designed by
Marine* Development (Glasgow)
— a patent bridge link of box
girder construction.
Three small versions - of this
bridge link are already in use in
Scotland, but the 154 feeMong
ramp to be built by Scott-Lithgow
Drydock Company of Port
Glasgow will be the first of its
type. It is planned to tow it from
the Clyde to Guernsey.
Seaiink intends to use its car
ferry .Fal3ise. which already
operates the Jersey service, to
provide a twice-weekly service to
Guernsey.
PRIESKA COPPER MINES" '
(PROPRIETARY) LIMITED
(Incorporated in the Repoblic of South Africa)
Mr. R. T. Swemmer s Review
The iolioicmg is c review by o? working costs with which thr
flie choirmut: cm the Company's Company m common with ti:*;
operations for the year ended mining industry as a whole, yili
30th June 1973 faced m lhe year under review
CONSTRUCTION: 1 am Significant increases in wages am??."*
pleased to report that, with salaries have been necessary iot • ......
; installation in progress of the the Company to retain
, primary crusher on the 720 petitive positioo in tbe r
metre level of the Hutchings market. Total freight charge ffiL.
' shaft, the major capital construe- have also risen during the peno<W>
lion programme to provide the under review. The spiralUagmiJ?^*?
facilities required to bring the of inflation in Europe, «MpIetfe% t '’V,
mine to full production is with adverse movements in cu.^'T.v
virtually complete. Tbe main rencies have, in addition^ led
task now before management is onerous increases in staeltiaisji^V-
to expand slope production as and refining charges under
rapidly as practicable. Company's contracts with u«v&
Capital expenditure incurred European customers. New ««:■ '
and still to be incurred should mates for mine working con.-
1 not materially exceed the (that is excluding freijfc:
original estimates. However, as a market mg. sin •.•Unit; and rear, mi
result of experience gained charges i indicate that these wii<
during the initial production be about K7 per ion nulled wh-s
period, it has become necessary f U n production is reached.
, to advance the timing or certain REVENUE AND MARKETS:
projects and also to incur Although there were subs(i!R':>. :
! additional expenditure on cer- increases during i her pas: year js
tain items which were not both copper and zinc metal prices
included in the estimates. This which made usetul contribution?
additional expenditure to be to me company's revenue, the*-:
incurred during the current were insufliciem to olfsei. dnriaz
financial year, will amount to this mitiai period, rednrec . .
approximately R900 000. revenue receipts flowing .iron;;, . .*
PRODUCTION: The milling of lower than planned concepte.a'r ^.j.
ore and the tf-oduction of con- production available for sKp<?V.;;.
centrates commenced during men: to customers, and ti^-.^v
October. 1972. wed ahead of the higher level of costs. The worl.A^r
target of early 1973. Since then, icg loss of R2 515 000. before :ak
however, the rate of build-up in mg into account interest paid ana
tonnage milled has not matched other non-mining expend: lur:
expectations and by mid 1973 the was consequently higher tan
monthly milling rate was about expected.
25 per cent, behind planned I should emphasise tea:
levels. because of the tune different):::
Several factors have combined from production of conccativ.e.'
to cause this shortfall. There t0 . payment by customers coupled
have been somewhat more than with the pricing formulae unde:
the vsimi teething troubles with th© Company's various sales c'.n-
various items of plant and equip- tracts, the Company does oi;
ment. . In December 1972' an necessarily derive tbe full benefit
accident in the Hutchings Shaft, of peak metal prices, which njvt
which is the main hoisting shaft, sometimes been followed by >a.rgc
severely hampered underground daily falls, quoted on tne LonJyr
operations for about one month. Metal Exchange. As the Com pan;
The main adverse factor 1S a ^o affected b> the reiaurt
encountered, however, has been values of the U.S. Uoiia:
the unexpectedly large and Sterling, Deuuche Mar* -iii«.
abrupt variations in both width Rand. the substantia: a£t
and dip in that portion of the frequeot movements ui Lhe»c cm
orebody so far developed for reticles in the past year aav.
stoping. Endeavours to min e out d ^ so - taken a l in all. had a:
clean stope ore under these con- adverse impact on the Company.-
tiitions have only been partially finances,
successful, as subsequent fafls of The Company's total produe
waste rock overhangs created in IJ on of copper and iiciu cop
this process have not only caused centrates was .-old in terms o: ih
ore dilution but have also cxioLing antes contracts. A cuppv
hampered tramming operations, concentrate Sales Agreement
This problem is gradually being WlLn Ammi S.p.a. ui holy wa.
overcome by. inter ulia. modify- cancelled by muiual cuifeent an.
ing stope profiles so as to give repiateu by a similar cuntraCi
stope excavations the strongest with u ukiep Copper Company
possible natural shape without Limited.
unduly increasing either the PROSPECTING: Your Cum par-
amount of waste broken or the 15 currently engaged ,n .
amou nt- of ore left unmined, prospecting programme lann;
Furthermore the comxnissiuoing. OVL ‘ r which a Uultls prosper:
shortly, of the primary crusher an d option rights. While at
and m ai n orepass system feed- sddiuonal ore occurrences have
ing it will greatly improve tram- oeen established, the cost of tbi:
ming and crushing operations as Programme, were a to hi
an additional precaution in case followed by the purchase o
the planned average output per additional mineral rights. couU
stope face is not achieved, extra require substantial additions
blocks of ore are being prepared muds.
for stoping. ahead of schedule. FUTURE PROSPECTS: It ha:
It is confidently expected that now oetoine ciear that wh.h
these and other steps taken will melal values in the ore bod?
enable the actual milling rate to re all o much as predicted, si rue
catch up with the planned mill- turaliy and metal iurgicailv iha
mg rate within the next few portion m me mu body t.it
months and that the amount of company is currently exploit in;
waste dilution in stope ore will ** more complex than was fore
not exceed the original estimated seen and that the characienstin
level of 25 per cent. . of the ore create mlncalt
Oo the metallurgical side, h aQ dbog and treatment res
modifications and alterations to lrajnls - However, much valuabh
improve efficiencies were, found ex P eneQ ce has been uawet
to be necessary to the first unit J UriQ e the pa,i year and lt«
of the concentrator plant, inter- fact ors that i have men lionet
mittent operation of the plant ar . t: nor expected io delay ih<
while modifications were taking ,n ' n © reaching full production
place adversely affected metal re- as planned by about llu
coveries. With the lower ton- middle uf 1374. The Company':
□ages available for milling and cync --Qi rates have been we I
time lost in modifying the con- reL '. l?|V( -'fl by n.s customers arn.
centrator, concentrate production w ‘f“ ^ 4-"acua! resolution of oui
was lower than planned. The ) nil,al unuraiionai difficult!?:-
second and last unit of the con- lar « et convun nates pruducuor.
centrator plant was comm is- sbouJ ? ^ m©t. During the cur
sioned during April, and gave r<?Qi financial ;.ear we arc likely
fewer troubles as a result of the continue :j see wide Huciiu
experience gained on the firs: ^ons m metal oi ic-.-.-, and as fit:’
unit Metal recoveries are P ru duct:on will prnnably uniy -c
approaching planned levels and aci,, © v *» ai in.- ,-nd of tin?
with minor modifications to the fi nail ctal year or early in the
concentrator now in hand it is nexL n ° prediction of ilu* Com
anticipated - that recoveries will P aB ^‘ 5 results for i hss year can lit
show Further improvement. made. However. s»* long as meiu'
During the period 1st October. ? riCys remain firm present
1972 to 30th June, 1973 a total ieve * 5 an d existing eurrenc}
of 765,000 tons of ore was milled are maintained, it if
and despatches to customers UQ Ji k ©L v That there will be any
amounted to 19.900 tons of l ' ac * lcal departure from the
Copper concentrates and 13.700 es p mal ©s of the anal capital cosi
tons of Zinc concentrate. wer © madu ;n 197!.
wnRirrvr mere. -m. Th,s haE been -a difficult year
^ ? eces : ? n the mine Ui© efforts and
stty in undertake additional, loyal services of the General
extra ?- ana3er ' Mr - M - S. Grobler and
Sf nt J° ne i ia \ ^ staff, are highly valued by tbe
creased the already higher level board.
The Financial Times Tuesday October 2 1973
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7
The leisure business is big, and getting
bigger.
More people are playing tennis. So AMF is
selling more and more of its famous Head tennis
racquets.
More people than ever are playing golf.
So Ben Hogan top quality clubs are in demand
throughout the world.
More and more of our Head skis are seen
on the mountain slopes.
Harley-Davidson are the motorcycles
everybody wants to ride.
AMF Mares underwater sports equipment is
making a lot of people very enthusiastic about s kuba
diving.
In dozens of leisure time areas AMF is
supplying the products that more and more people
have fun with.
It 5 s why sales of AMF’s leisure products have
risen by over S6% in the past two years.
But what the world does in its leisure time is •
only half our business.
AMF has another side, too.
Our industrial products and services account
for almost half of our total revenue.
REVENUE
MILLIONS
S95Q
with real visionare thrusting AMF to the top in
both markets. ;•■' _ ■
To find out more about AMF send for a co
of our 1972. Annual Report.
' Write' to: AMF International Limited
nr rm r»t i ti- Vh* . « ' ' _- ■ -r 9
jCkMF=
Industrial Products: Sasib CigaretlB H
OrtutreJd Retread and New
ID
The Financial Times Tuesday October 2 1973
FIRST DAY REPORT BY PHILIP RAWSTORNE AND JOHN HUNT
Blackpool, Oct. i
1 , I . a . ‘ ■ .
State
control
BRANDISHING a radical taxation policy that he
promised would raise howls of anguish from the
rich. Mr. Denis Healey. Labour “ shadow " Chan-
cellor to-day declared the election battle open.
What the party needed now was unity. “The
Tories are our only enemy." he said* “ A Labour
victory in the next election is the only way to save
this country and its people- and from this moment
op. that must he our over-riding goal."
Internal differences must be set aside. Mr.
Healey said. ■‘The time has gone for theoretical
logic chopping. It is no good behaving like a college
of cardinals disputing the precedence of angels in
the sixth circle of Paradise. Oar job is to get
power."
Mr, Hugh Scanlon, the engineering workers’
leader, got a warm cheer from the ranks as he
quickly fell into step, abandoning an attack on the
TI C advances towards the Government.
The TUC tactics. Mr. Healey pointed out, had
already deprived the Government of one secret
weapon— -an election slogan of “the people against
llie unions."
In spite of the general zest for the fight, how-
ever, there was still one noticeable gap in Labonris
armoury that some prominent party members de-
manded shoud be filled. Mr. Tom Jackson of the
Post Office workers reminded the conference that
the party had not yet found a policy for Incomes.
"You cannot build Socialism on free collective
barganing," be said.
That had caused the present pattern of in-
equality and if the TUC and Labour leaders did
not come to an understanding, further dissension
would be caused within the movement. *~It is no
use ignoring the fact that this problem exists," he
said.
Air. Reg Prentice. Labour's employment spokes-
man, reinforced the demand for a voluntary com-
pact with the TUC. “ We must not fudge the issue-
it must be part of our strategy for fighting inflation
and poverty."
Mr. Healey, if he did not fudge It, , hardly
trumpeted the issue abroad. If the party was to
take seriously its plans for redistributing incomes,
it could not avoid the question, he said late in his
speech. -
"I believe that during the coming months we
must discuss this problem with the trade nnion
wing of our movement to see if we can reach agree-
ment on a voluntary policy for incomes which takes
account of taxation too."
In the meantime. Hr. Healey contented himself
with attacking the Government vigorously with its
record. Promising.no more than could be done, he
brought out for display the weapons of price controls
and taxation committed to the next' Labour govern-
ment
The tax proposals would hurt a lot of party
members as well as the very rich, he said. The
response from the ranks was a cheer of enthusiastic
self-sacrifice.
A CALL for labour to unite
behind, a programme for a sub-
stantial extension of supke
ownership and control was :n-de
;o Lbe conference by Mr. Ei‘!
Simpson. Party chairman. :n hi?
annual address.
To loud applause Air. Simpson. Moving the “ anti-freeze *
general secretary of the f :".;ndo motion >lr. Hugh Scanlon, presi
workers section of the A:tu’- dent of the Amalgamated Union national executive committee,
ua mated Ur. ion of En; inhering of Engineering Workers, told the ■**_ Tnm Jackcnn "Pneral
Mockers, cj.lcd on rhe party to conference the '■ ■- 3Ir ' Tom JacKson ’ " enerjl
wage bargaining produces
says Tom Jackson
already taken, he was prepared
to remit bis resolution to the
« . PoUcy o, price,
lub.lit}. A united party was a a cured interference with pnn- 0 f nn«ihle dissension and trouble
rror^,,.-;,, f,v -»«?«. «.«h, ,f f™ collective bwpta.
}?*' I L"L a,a ' as - To contro1 Labour Government unless there
" J Ses rather than prices. v , 3= ™ thair
next election he emphasised.
The policy proposals from the
National Executive had success-
fully caught :h.? mood of the
was an understanding on their
Mr. Scanlon asking the wages poiicv,
conference to urge the TUC to vlaim ' ed ^ presem
collective bargaining
povertv ia many
damn the
deprived oV prc“r "v" S
Britain will not be achieved !SSi? JJ£!f ;.n?™I^ ted b ‘ aad cou!d Dot P a - V hi Shcr wages,
without a substantia! extension
movement, he mai.v.aaed. Affect- V^ks whth the CoVromeS J{*
mg econom-c nianasetr.ea: was a sa irf. - thi _ et , ar ,j nnt . in pattern or col
“ s ,o d * !iver ffir .Mi A. S ■« r^. pr ^gsaH
its promise
“ In div opinion the Holy Grail
of sustained economic growth in
of public ownership and control."
he told delegates
"Our party objectives include
the public ownership of the
commanding heights of the
their own trade unions. ,, , , . .
_ . . _ Mr. Jackson welcomed the com-
Tne> accepted Phase Two. be p ae t between the TUC and the
said, mainly because there was a Labour Party, but tho policy
genera. belieF that if wages were statement contained a yawning
controlled prices would be /, a:> _
Th,;; had not This gap was the very field
economy. These proposals must nappemd. where dissention and trouble
nave the support of a umtea The Government has in fact vvould start between the unions
party. ™ d f '* t l u, *f 5 ,ear that a0 -;l diS ' and the party if it became the
cussions with the unions and any Government. This was the area
deal nui. it involve further wage
restraint. And it is on This point
we must pact company."
His union believed further
dialogue with the Government
Pensions
“We must also cease regard-
ing rhe trade unions as a
liability. We will not win an
of wages, about which the
document said little or nothing.
He S3id: “ We arc- not a party
of free enterprise and you cannot
build socialism based on free col-
polishing. noi knocking. They
are a force for good in our
society.
" Let the place of the unions in
our party and their co-operation
in the work of the next Labour
Government he a centrepiece.
member*, and somewhere here
there is -a lesson for certain
peooie in this hall today "
areas.
"It has produced inequality
between men and women, and if
there is poverty in many wage
areas, collective bargaining has
produced it.
"There must be something
, _ _. The AUEW fully recognised
not a skeleton in the cupboard they were putting an approach said about wages in this docu
in the coniine campaign." which the Tl'C had already ment to enable us 10 have an
Mr. Simpson also coiled for ’.ejected. They did this because understanding with the party.”
lbe old age" pension to be raised events had already overtaken the
to £10 a week for a single person TUC decision.
h'rabUn- :J:nuui.d
On the platform . . . Mr. Wilson with Mr. Ron Hayward, Party general
secretary.
and £16 a week for a married
couple.
In the Ions term there should
be an earnings related pension
of one-third of the national
income for a single person and
one-half for :i married couple.
On race relations, he wanted
to see the repeal of the 1971
Immigration Act.
There
chance
was not the slightest
of agreement being
reached between rhe unions and r , Sack of investment many public Labour Government should re- Minister was telling the worl
she Government. ... service industries, such as the introduce fopd subsidies ” to ea- had never had it so good.”
After consultation with ms Post Office, hud no ability to win able a cheap food policy to be What Lord Rothschild sail
own executive. and acknowlede- wane increases. On the other
ing thai it might put the NEC hand. j n industries with a high
in ;.n invidious position if they rate 0 f capital investment and
had lu ask Ihc TUC General productivity, increased pav rates
Council to reverse a decision would rise again.
Hr. Bert Ilazel, National Union child let the cat out of the bag "A Labour victory is the only
of Agricultural and Allied last week. way of saving this country and
Workers president, said his ** He was ticked off not for its people and from this moment
union must oppose a resolution what he said, but for saving it on on that must be our over-riding
Under price control, and with which stated that the next the same day that the Prime goal
world we " We must never forget, how
ever much we may disagree with
, . . - . ... What Lord Rothschild said last each other on this issue or that,
a central .point of us election week hud b.een said in more that the Tories are our only
manifesto. extreme terms two days earlier enemy.”
The union's opposition might by “ the mumbling Minister for Mr. Healey went on: “ Our
seem strange to some people but Consumer Affairs. Sir Geoffrey job is to get power. We join
Tha t « p ... u ,.ij t, there was" no denying that a Howe." battle on the most radical and
„ miLiMuHihL S -riir -h™, 1 * c h ^P food policy for the He had said it was "almost comprehensive programme' we
t £ P P - Th if i? v ? i country had not been of much certain that by 1979 the living have had since 1945:
-nd 'fairness L n.^d i n armed ass,st «nce to those who had pro- standards of the British, people "Its aim is honestly stated.
duced the foni wil] be ,ow - er th “ standards It is to bring about a funda-
uf that plan." he said. Because of low wages and bad of the Spaniards and Portuguese." mental shift in the balance of
A resolution from the Post conditions they had lost more Mr. Healey added that it was wealth ana power m favour of
Office Engineering Union and than 250,000 skilled men from scarcely nine months since the the working people and their
Crovdon North 0 East con- the land. same, people were telling the families-
stituency party declared opposl- Mr. Healey, winding up for country that all we had to do was A
lion to any wage restraint or in- the national executive, said it J_° lorn the Common Market to ro ®
A POLICY calling Tor a publicly- NEC had decided that it could comes policy and also called for was clear from the debate that have the same growth rate as reunite a people bi^rly divided
owned road and rail system In- not accept the road haulage a policy of nation a lisatior. of no machinery for controlling Germany. . ®ars or mscrimmation in
eluding the nationalisation of ali nationalisation proposal in its major industries. prices would work— certainly -Now they said we would be r c aQd a E a, nst
road haulage firms with five or present form. The motion also opposed any would not work justly — unless worse off than the poorest Euro- , f P oor ’
more vehicles was forced on the •* We would not at this Government intervention in pay the Government’s whole eco- P ean countries outside IL^ if?!"!!,;!?
Labour leadership after a large- juncture want to be bound by negotiations or pricing policies nonlic strategy- was right. — S5°5? ru i ^ he „ S ^! d r Th ? re y t ifrnH ° »
scale revolt of conference dele- sn specific a decision as thaL" he which discriminated against the The reason why they had be hands on the steering b- rawed .hrough taxation. If
gates. said in a reference to the stipula- public sector and resulted in low inflation on a terrifying scale wheel of the nations economy *° support to
A motion outlining the policy t j on 0 f g V e vehicles. or inadequate levels of pay and was not because the Price Com- at last r7* , . ut }} * s . t ! le Selsdon throueh our proaramme we
was passed by an overwhelming He suggested it might be unsound financial situations in mission had not been run man stl11 111 dnvin S s® aL certain that the ‘Borden
or taxation is rainy nistnnuted
99 “Every step the Tories have
taken in this field has been aimed
and a former Minister cf Trans- thrashed out in discussions with Employment Minister, made a economic strategy had been dpieuntec rnelrina with at l [ ie ^57 line the burden on the
port. the TUC 'and the unions involved, plea for the ending oF the “ I’m wrong ever since it came to -- ? r e x P en : r of mcrearinc
A section of the motion calling Appealing to the movers to all right. Jack.” philosophy. He power. too” much credit to Mr Heath
for the retention and expansion remit the resolution, he promised supported Mr. Jackson and said: In a few months’ time, he said, -,hi»n we nav he is now ^tanriino t w . . ,
of the rail system was not the executive would consider “We do not want to return to the people would have a chance on hi _ i, p _j y H ' lfl hp -j v. G'stmg Labour s tax proposals,
opposed by the executive. The itselF bound as if it had been the type of statutory incomes to choose between the two J nwn s _i. hut hie r,w , r . he said they would introduce a
motion was moved by the Trans- carried except for the reference policy pursued by the last Labour economic strategies. “Our Tj1 . __ rh 3 higher rate of tax on luxuries and
port Salaried Staffs Association to five vehicles. Government, but we do want to strategy is in the document. The .. Tr ® :il, pp _ nr nni!t „ rp re{ |“ ce '* /JP essentials for
and seconded by the National "We accept that we must continue to seek voluntary agree- Tory strategy is there, os the a vninprahio nna is h»» Anri® or ^ 1 'J Tar >' families.
Union of Railway-men. organise a publicly owned road ment between the unions and the record, in the nation's experience mit pvprv H mo the British nennie They would increase income
Mr. Mulley explained that in and rail transport system,” he government on socialist over the past three years." a . t tha ' h .... rn _ Tlt thp * ax f° r 'he better off. to help
considering the resolutions the added. democratic principles. Mr. Healey said Lord Roths- fn ” cnanc. io pur me onot hundreds of thousands uf
. ramines caught in the povert*.
Mr. Healey gave warning that
the contradiction* inf Mr. Heath’s ■■ We are going to introduce
F«iL C ' eS K- W0 ? ld A qe l he a tax w «lth. We shall turn
rJ J n r T r the 681316 (iu, - v int0 a real tax.
incompetence 'and dishon^ is ^V^yTop person's "news-
SSLSS “BhETHSfSijK «S»7-«SS .SSSta-E.
was passed uy an overwhelming He suggested it might be unsound financial situations in mission had not been run 311,1 111 u,mi
show of hands despite a plea for possible to deal with the problem the nationalised industries. rightly, although this had been
its nejectioa from Mr. Fred by some form of licensing and Mr. Reginald Prentice, IIP for a contributing factor, but he- /""VS mltlQl
Mulley. MP. member of the NEC that the matter should be first West Ham North and "Shadow" cause basically the Government's v^IlUBaaI«II
<°p~ s ss
at ail if you give your money
away in time to your family.
A WARNING of industrial action essential if the industry was to how capitalism had exploited industries in the fuel and power
in the coal min a s this wintc if retain the skilled manpower that many people in many parts of field.
miners* eur'rent wage claim •* “ ould be D « di "=- ,h *
“Dodgers”
" The Times, which spent its
wealth has increased by 5 ner
cent- the ordinary man and
woman who produced that wealth
have had no increase in their real
wages."
Angrily, he added- "Inflation
has seen to that— risine prices —
The development of nuclear a nd taxation, have wiped put the first few pages supporting Mr.
- nflt inpt u~ic «ivpn to the con- declared emphatically: The NEu would soon be bring- power should be as rapid as value nf the wage Increases Dick Taverne’s campaign on the
is uoi “wi. c . w . - The mood overwhelmingly of ing out a document which would possible but sunject always to allowable." highest moral tone, has turned
ference by Mr. Lawrence uaiv. the miners at the present time is set out a more detailed con- complete guarantees of safety Mr Healev said it would not its last pages into a tax dodders
secretary of the National union that unless iheir legitimate wage eideralion of energy policy. This being^ given the first priority. surprise him if thev had Mr. manuaJ," he said,
of Mineworkers. demands are met they will vote study would be based on five “We must not rush the Heath in the course of the next On inherited wealth, he said
Up was proposin’ 7 a motion— l ^ e ‘ r ^ eel ant * ^ eav ? t * ie principles: — engineers and technologists into f ew jays offerin'? fond subsidies this was the single strongest
a hv l!ip con- ’ nt *us try or will embark on indus- ( l ; The maximum develop- over-hasty decisions which are and supporting the resolution on buttress of the class system
passed unanimous > rria , aclion duriQ „ th? com ,ng raenl of co:i ] resources, sinking against our own interests, she th.*t subject. which Itself obstructed the social
ference — "men acc.p ia du winter in order to achieve their new pits and continuing the use said. He commended the food and economic changes so
policy [he fuel and energy pro- justifiable demands." of coal for electricity generation. Looking to the future of the subsidy resolution to the con- de.voeraiely needed,
gramme drawn up by the TUC. Speaking on the motion he <2j The phased public owner- energy industries, she said: ference and said he could Mr. Healey pledged the nexr
” The programme envisages the said: "The TUC policy statement ship of North Sea oil to make “what we have to do here is to understand the objection of the Labour Government to reform
control and eventual would provide a nationally co- sure the industry was used in ttie lev ’ er ? of public owner- agricultural workers' leader. the tax system which, he said,
^ '■ ' “ ^ would be criminal if we lost millions of pounds through
tried to subsidise food out of the present methods of dealing
the wages of the agricultural with the self-employed and those
workers, just as it would be with second homes.
lis'nmcni of a ruei ouu nmnranon. private profit from North Sea aeveiopraenr or our pians. criminal to try to subsidise postal He warned, however. U A lot
hoard and a long-term expansion International demand for oil, oil has been one of the outstand- The motion, with the Middle services out of the wages, of of you will have to pay extra
r nii-Wr oower stations. particularly in the U.S. and ing scandals of the Conservative East in mind, expressed deep postal workers. taxes too. That goes particularly
r i cfinulalc* that 70 per "'csrern Europe, was playing Government and the immediate concern at the developing “ When we subsidise things we for every MP in this hall, includ-
u 3iso s- p nower station havoc with the energies supply target must he to put that right energy crisis and called on the have to subsidise them out of ins me. If we really believe in
cefl " , ir ,n should continue to he situation world-wide. The to make sure we got full par- next Labour Government to taxation." greater equality we must be pre-
production emphasis v*as moving away from ticipatlon and irur full and implement the TUC policy as The Government was respnn- pared to make sacrifices
external correct share of the profits." she early as possible. rihle by deliberately pushing up He emphasised that all
eas and said. ft emphasised that a highly the cost of food and housing by Labour’s promises could not be
on in- r.U A future Labour Govern- developed nuclear section was abolishing subsidies, pushing up carried out in one period of
rnwnt must be certain to give needed and called for a sub- interest rates and Increasing our office “There are limits beyond
Supporting the motion from full protection tn the environ- stantial expansion of the nuclear balance of payments deficit which ordinary people will* not
Judith Hart, m?nr where the oil industry programme. Labour made price control its accept tax increases without in-
member moved in. The motion was seconded by first priority but they could not sisting on wage increases so that
oil corn* M) There must be diversifica- the Electrical and Plumbing get control of prices until they they can maintain their living
recognition was also panics were a perfect symbol of tion for ifce existing nationalised Trades Union. got control of the government, standards."
THE CONFERENCE rejected by
an overwhelming majority a
motion to commit the next
Labour Government to the intro-
duction of a statutory minimum
wage.
The motion, caling for a
minimum wage of £0 per cent, of
average industrial earnings, was
defeated on a card vote by
4.362,000 to L415.000.
Mr. Ton Bradley for the NEC
told delegates they would be
unwise to Ignore the opinions and
experience of the TUC which had
repeatedly opposed such a move.
Though a minimum wage might
help to eliminate some poverty it
was doubtful whether it was Uie
best way to improve the position
of the lower-paid, he' said.
The Labour ' Party would
pursue with the TUC the ques-
*-oo cf V.hat methods kuM
u-ed " it we ! l b.e ti^-.
Kodal rohey offers a better pre.-
p,?rt for the relief of ihe pt •:
hMiTJJie of the variation* in >h-.
circumstances of indmc'.iak. 1 h.
said.
•• T ho c: ironically src,:.
incapacitated, the un*-i.i ploy *?-.(.
tho retired :ir ; d ihe handicappi-*;
are all part and parcel or t!. -
2i-2 r, tic problem of poverty ih. •
exists in certain ^octicna of f».:r
society. "
Mr. Alan Fisher, o[ the NUPE.
moving the motion, bad irvdttf:
that low niy wp.< -mlikely »n -.
resolved by barga ! ninc alone
If the party were serious abr. ■:
the redistribution n( wealth if
low pay nettle bad to bo ern«pc-.
“The problem has to be tackle
br a positive enmmitment !■■■
legislation/* he said
Crosland backing for
land nationalisation
MR. ANTHONY CROSLAND,
"shadow" Secretary for the
Environment, said to-night he
would strongly support the case
for the next Labour Government
nationalising land, provided the
legislation excluded all home-
owners.
Speaking at a conference fringe
meeting on the future of Social-
ism. he argued that on public
ownership generally. the
criterion should be whether any
specific act of nationalisation
would help towards the creation
of greater equality.
At a meeting organised by Ac-.
Concern, Mr. Jack Jon*- : .
Transport Workers leader sr.-:
he expected a positive re^pon-.
from the Government in r>c'*
week’s Phase Three Green Pa? -
;o the TUC’s demands for ;r.
creases In [he old agi* pension
HLs union wai» pressing il -
pensioners’ case as v; porous,
as a pay claim for sis o*. :
members he said. Mr Jon.
said he was confident the n* - .'
Labour Governmcni would gi*.
top priority to a major mcrea
in pensions.
Household furmiure and
allied products sold by
mail ord«r and through
retail warehouses.
iniiustrv it was essential fo: , Supporting th t - rurtioi
m re^rntji* the ihv platform. Mrs. Jurfiti
: K „ 0 U ci u; i;, n,v,-- under negolia- MP fur Laiurk and a r
■ "u n ,: til 'the* Goal Board of the NEC. said the a
"such recognition was also panics were a perfect syr
Record year for
MFI Warehouses 1972/73
• Turnover up by over £5 million — 50% rise.
• Pre-tax profits up by over 45%.
• Dividend Increased from 45% to 60 % with
Treasury consent.
- Comparatives for 52 weeks to 26th May 1973.
Mail Order Turnover
Retail Turnover
TOTAL TURNOVER 15,523.460
Net Profit before Taxation
Taxation
Net Profit after Taxation
Proposed Final Dividend (gross)
Per lOp Share
Interim Dividend (gross)
Paid 2pd June 1973 Per lOp Share ...
Total Dividend (gross) Per lOp Share
Earnings per Ordinary Share 12.7p
Times covered 2.12
1972/73
1971/72
f
L
8,125.735
3.975.0S?
7^94.7ft5
4.530.130
15,523.460
10,505 2/1 S
2’12J29
1.521. 64-5
939.961
607.75J
1J72JB8
913>96
4.2p
l.Rp
6.0p
2.7p
1 Sp
4 np (45% *
9lp
(adjusted!
2 03
Comments from Chairman,
“These results have again
been achieved by the
continued expansion in both
Mail Order and Retail.
“The Company does not
carry on a Discount Trading
operation; the majority of
our products are designed
and manufactured exclusively
to agreed specification and
quality, and at competitive
prices. It is this proven
marketing approach that has
enabled your Company to
keep ahead of the com-
oetition and create a strong
base for future expansion in
both Retail and Mail Order.
“The effeci of Value Added
Tax and the general economic
climate on consumer
Arthur C. Soutfion. FC..-1.: —
spending in the furniture
trade affected turnover in the
early pan of the currem year
but wc have now returned
to a more normal pattern of
trading and I am pleased io
report that current figure? are
up to our original forecast.
" T am confid^n? that the
Company can h.*neflt by
obtaining a larger share of
the market in any continued
downturn in general
consumer spending power
With the plans that have been
made for our intended F:pi;s-.-
expansion. I consider that,
subject to rhe uncertainties
of Phase ni. we shall he »hle
to maintain a mntinuinc
realistic pattern of growth "
Copiesof the Annual Report and Accounts may be obtained
from The Secretary. M.F.L Warehouses Limited," Nr-*- Stadium
works. North End Road. Wembley. Middlesex. HAS OAY.
Mr. Ben Raven reports on
ninth successive year of increased profits since
becoming a quoted Public Company in 1964
Points from me Chairman's Statement accompanying tha Report a
Accounts for tha 52 weeks ended 28th April. 1973.
# Increased profitability obtained from internal growth.
■Kr Continued increase in shop openings,
* TS73 J ° hn t0 ,auncfl creatt sumption account scheme m Qcwb
-3f Sales incunent year to date significantly above the levels lor the san
period last year.
^ Utmost confidence in future growth.
Year ended
Sales
Net profit before taxation
Net profit after taxation
Earnings per share
(increase of 28.5%
compared with last year)
28th April 30th April 30th April
1973 1972 1971
£*ooo fooo row)
28.589 24.791 20,323
2.451 1,830 1,435
1.423 1.081 862
7.98p 6.21 p
537p
Ordinary dividends par share (grass) 3.28p 3.1 2p 2A3p
'Onu-t RzpOft.arxt Accciffiti- ■ssc avst/ip:
y hack Ltd. JQS Oxfaif Svccr.- tcweoir.
5 inanciaI;Jimes- Tuesday October 2 1973
•ill
rei
, «
)Ifr ,
RecomPension Schemes aren’t
just for the big boys. Even the smallest
company can join the club
By now, almost every employer
has heard about Recognised
Company Pensions (Recom-
Pensions for short). But some with
smaller firms to run— around 5 to
50 employees — may think that
ftecbmPensions are for the big
j. boys. That's just not so. join the
* club. Pull membership is equally
Available to all.
It’s your decision
In. April 1975 , the law will require
eyery employer — however small —
to choose between two ways of
providing a second pension for his
workers. Either the State Reserve
Scheme' or a RecomPension
Scheme.
Whereas the State. Reserve Scheme
only offers a fixed minimum level of .
pension, a RecomPension Scheme is
flexible. It will probably cost more
but it can provide higher pensions,
more security for dependants,
freedom to take a lump sum, early
retirement in suitable cases.
Not just sentimentality
The decision that you have to make
now will affect the pension rights of
your Workers for years to come.
It's no wonder that they will be
. watching anxiously to see what
you decide to do. But don't be
guided by sentimentality: consider
the practical implications of offering
a RecomPension.
With a RecomPension Scheme you
can give your employees as good
a pension as they can find
anywhere. They'll have a sound
reason for staying loyal to you.
Don't think that a RecomPension
Scheme has to cost a lot more, pro
rata, for a handful of employees
than for large companies. It doesn't.
And you will easily find a scheme
ideally suited to the needs of your
company, however small.
How to join the club now
Thousands of small companies are
now exploring the advantages of
membership. If you would like
to find out how a RecomPension
Scheme could benefit your
employees, talk to your advisers
now. Or contact any of the insurance
companies which form the Company
Pensions Information Centre.
It won't commit you to anything,
but you will have the facts at your
fingertips.
A life's work deserves a
* Recognised Company Pension
A Recognised Company Pension (RecomPension for short),
is a name given to a company pension which meets the new
Government standards ror pensions set out in the Social
Security Act 1973. You can learn about RecomPensions
from your usual advisers, or from the sponsor of this
advertisement, the Company Pensions Information Centre,
7 Old Park Lane, London WlY 3LJ.
The Company Pensions information Centre Is sponsored be- the following
insurance companies:
Colonial Mn hjj] Lite Assurance Sociely Ltd. rhoeni* Assurance Co. Lid.
ComtnerclalUnlon As swan vs Co. Ltd. Provident Mutual Life Assurance Assoc.
Eafilc Sur Insurance Co- Ltd. Tnidential Assurance Co. Ltd.
English Insurance Co. Ltd. Royal Insurance Co. Lid.
ttpJlablt Life Assurance Society Scottish Amicable life Assurance Society
Equity & Law Life Assurance Society Ltd. Scottish rrovidenl Institution ;
Friends' Provident Life-Office ' Slater. Walker Insurance Co. Ll«L
Guardian Royal Exchange Assurance Group Standard Life Assurance Co.
Lf£jl & Genera] Assurance Society Ltd. ' Son Alliance Sl London Insurance Group
National Provident Institution Sun Life Assurance Society L'-d.
Norwich Union Insurance Group ' Tfoilahire-Gtneral Life Assurance Co. Ltd.
rearl Assurance Co. Ltd.'. •
This announcement appears as a matter of record only.
N S U
N.V. NEDERLANDSCHE
SCHEEPVAART UNIE
US-dollars 50,000,000 12-Year Loan
Arranged by
Top managers’
deal with BSC
, i
BY JOHN WYLES, LABOUR STAFF
THE Steel Industry Management managers involving a joint letter
Association has made a farther from BSC and SIMA which,
recognition advance in the among other things, advises them
British Steel Corporation with of relevant matters, “ including
agreement on new bargaining the future likely relationship
arrangements covering around between SIMA and the ISTC.
1,700 senior managers. Talks on possible affiliation
The Association claims that the with the manual workers’ anion
agreement is a pace-setter for collapsed nearly a year ago. and
manufacturing industry, since it it u thought that assurances oa
covers a range of senior mao- the continued independence of
agers rarely covered by collective SIMA will encourage more
representation whose salary managers to opt for collective
levels are traditionally deter- representation,
mined by Individual bargaining. SCMA claims a membership of
Following settlement of the 550 among the 1.700 managers
agreement SIMA has withdrawn covered bv the scope of the new
a threat to take a pole bargain- agreement. This excludes from
ing claim for this group to the representation those directly
National Industrial Relations responsible to works group man-
The' Financial Times' Tuesday October il
[ COMPANY NOTICES
This is to announce the distribution of a 4 V’ ( ', '
dividend against cuupou.No. 34 of shares
CARIBICO GROWTH FUND \V
Each shareholder will get for Coupon No. .34
from September 28 until December 31. 1973,
in shares or from January 3 , 11*74. until
September 2S, 1976. i* 1 cash.
Please send your coupons to:
Banque Commerefale SA. Luxembourg,
Oyens & van Eeghen XV. Amsterdam.
For more information ask the representation for
Europe:
Investors DiversiGed Services Ebi..
Landstrasse 53, FL-9490 Vaduz/LiceMenstein.
TA1SHO’ MARINE *
FlAE INSURANCE COMPANY LTD.
The Board of Director* i? Ta-sr:
BANQUE EUROPEENNE DE CREDIT A MOYEN TERME
BMHI
William Press
vote to stay
out indefinitely
BANK MEES & HOPE NV
and provided by them jointly with
BANK OF TOKYO (HOLLAND) N.V.
COMPAGN1E RNANCIERE DE LA DEUTSCHE BANK S-A-
CRED1TANSTALT-BANKVEREIN
SAMUEL MONTAGU S CO. LIMITED
NAT10NALE BANK VOOR MIDDELLANG KREOIET N.V. (NBMK.subsidiary of AMRO BANK)
SOCIETE GENERALE DE BANQUE SA.
UNITED INTERNATIONAL BANK LIMITED
WESTDEUTSCHE LANDES8ANK INTERNATIONAL S.A.
Court - ageraent committees and to Ta ^ r , 3 c i
, , , ,. directors, along with those v J.r^d f?/* dus^
Job evaluation ’ managers who are “heads of *£"«•*"} %2 a gS»2&-V
a 1 . £ n i, . ctita functions," responsible for more £ prta i ys«o s-w
wiiVask the BSC tK'^eek^to th * n 0n f e f un , Cti0n 0r f0r muj0r IS *1% ‘ K^in
win asK me mi, mis ueeh ur units of plant. u m be structured u t — : - : —
consultation on a new salary R i 0ftES i M ue — pe.aaseco r?« the rit^ hotel j
Structure for its top managers. ' a final divide;
Talks are likely to be prolonged. Willinm Pmcc y 4 .soo.ood coo » !*-« Jr- “ \
and a job evaluation scheme VYIlUHul jTTCSo *so .*£•» "
could provide the basis for even- , , , each. “ m tJ ica cjc. tsw» SVrr* M f?a?;‘ >YsX/ r
■“iWo^^n.rtona^nd vote to stay
coverin^^SC’s ** 10,000* middl e out indefinitely ijgMfr MrSJrZ f. r
managers, and this extension of ^ . . . . hso**. * u J!rf 1 ■- p :™rZ! ,,1 L
recognition is unlikely to be THE 240 workers who have been ■ — ■■ «u.-te J "'
welcomed by the Iron and Steel on strike for nearly seven weeks koala > umpur-ki ton g 5 *
Trades Confederation— the steel at the Howdon mi ng yard of amalgamated lim.tec
industry’s major manual union William
whose expansion into the white Systems in Newcastie-upon-Lyne kwu Lumpur-nwo"! ■ Ajuiumaw — * s*o em.*.*.
collar field has led to a bitter voted yesterday to stay out 55. 1 '£EK\-
rivalry with SIMA. indefinitely. ™ SXSSmSSS 1 ^ :
The commissioning of the The dispute is over bad- tW:o , 4 CINEMAS
BSC s new Anchor plant at weather paymenL and the men , 0 , 0 ,he aWw-m dates 2 *.a A n',i:
Scunthorpe has been delayed want the management to yjj, R*«ia*.Si , „ E1CESTEB square u
this year because of industrial improve on its offer of 90p an o«a«i i««h »*c:*fju»^ iojs. ru™ w; ^.en.d
action bv ISTC members over hour before meeting again.
the white-collar recognition The 106 boilermakers in the cf -,.d ^trcpcle" ^:W-r ;!
issue. strike are annoyed as their union Asmmtni Ku*<a luwpu.- Kwa? ■. jayws o> r
The new agreement lays down executive has "not yet declared M?i»y 'io‘ 1 ^ w nov-?' r I7au - - - s’/b'
procedure for settling local the strike official to make them ^ 0 rioS*. c ^ 4 ra f, !r?T-- , aw! ooc'on 1
recognition claims for senior eligible for benefit. meins. »ni. j» alka :
capital Sw Y5 «0 suL.on » YlS.-w
mil lion as Irani 1
issue UMII 09 IOS OOO-OOC Mw S-'l'M
is to he structured as !ei«c<v^:—
Rioncs Issue — PC. 323 323 rew
shares a* Y5C saw. ■
2 cW .Otal ec.-JScra.'cc
Y4.S00 ODD COD
Bonus Issue— 5. “60 CSD new
sm-ar Capitalis-ep reserves at
each. 3 new ttsr ICJ c.t. ■«*’
CURS.asratlen V2oS.«^k.3.P.
PuDl.c l»M« — 6.2A3.aOC
shares at a ««t. abewe oa.- *■»•“«•
to be decided hr tn« Boa>-d o*
Directors in due cerjrsA.
IDS. 000.000 Tom 51-a-cs to *.*
issued.
KOALA LUMPUR-KEPONG
AMALGAMATED LIMITEG
■ SVCRIGE5 IN^CSTIRINGS BANK a,
\ -.S»rr>s:- l-<-s.nn».-.-s Bin*, t t-lj,.
7'.“, Sonm IMlOlf .37
3 G WAiidljCG A CO. LTD., j ftao [M
:<9i me ur^ at ur:i * 4 ,
‘lOiV'in-ii taiuu C> a J S’-aCO.JoO
su-'chatira Hr itfdciufl* > o.’« w. tlj (* 3 ,.
\*r. »®7 7..
•' 3Q G.-iijlun’ S"ce:.
Lonaor ECLP
2 i .1 sesaw.
THE RIT2 - HOT EL ulwiirD~pIfti i
A FINAL DIVIDEND CS’ b-
jis-w n.;i Sw. u ■' P.-.i _!
slhces if i Ct-n^Ti-r- '
dc. :i Hu-- t., ■
reisscf 'Ji': v«,.' -f r il — J 3Iit Dr-, r
1972. He : M . s: >ii . ; s ft-,
• MSlCCU 3ua 23 tve L'ML'S K. a..
■ >103.5 i;rj( - 3 U 2 J r •' Z a-
• il hi«i,.<; V e - <:r (j-'.-s-m, ,
■ Paris. Z"i Bu3 Ta.lhju- Prr.; ane
rss'eei - - lie Jr..|.:U K... 1513 -1 c-.*,
, r’-r Sn-iMi-.' £»««: af ne l
R.U Fistei. P.c. . sitlv Lb-.aa*. .via *
5 . *n.f, e.-m:n: - 1 &■ “>:■ ••
( :cu.-sc
Bv O'Cer o* CH* 5i-i.
^ saiAi.
LOnj .- is-.— ,
1 a s Hc-c-:.
p;;caa < KW'A 3JS.
CINEMAS (Cont.)
Building industry
employment probe
taking, assets and. iiabh-r n at K.LKA
■ other than such rrcr.evi as shall hr -r
a lured lor the purpose-, cr Section 2»7, j. a;
the Companies Art 1948!. Sna.-encWei i o' OCESN. 1; !C 2 s 7 E 2 SOLAR
KLKA an? enutu-a sn apaiica: rr to tie : “r J-.-.t
LEICESTER SQUARE THEATRE Os-J 5,3
R.eia.d S-.Fhf. Bs>- IMS v
LALlED NGCN .Ae.' Li-i ft- 2.
i SS. b. 1 w Ji.:0
>.ElRfPCLE e. -'I ««.r“ Ci
.. ja-..;; njnc LIVE ANO J
OIL A Caws O .V. j i i_. 2
SIC 8 . If' rw-.lUr«* JO.'. - Jv •
ODEON rtu VM ALt i f 3 ; a 2" ? /=’
u4u e.ste G>- W" f-rl La. < 7 SLtL
AX. jrp Mi jy. .■ U? 3 Jrf* t u-, *
i.'S A IS A!. -.I-:-. Bs3-.i2^
0CE3N. li!C3s7E2 SOLAR £ fiTtT
C.r- Ld’:-' :• 1 P.i- s.
SCORPIO A— Lu'.r-.''. -i'l P-.i* -
3 i i 40 S!S
BY OUR LABOUR STAFF
Liquidators thereof O" A' SHOT" 15f*: I u-nRi>,Q A !— i u .. n . r., ‘ a. 7 i p. v. ”-
October »973 to na«e auor.ed to t*r « ' -23 lij s t s
credited as tul!y piiO <oar Shares of ms::- • : — - —
each of KLKB m rosbec: c" trtrr* sharr , 0 S 6 OK. MAHM.1 •*-»LH . IT 7CH.
Of 10p In KLKA held FT- Or inertsenten * Sli-Cti f-i' 1 • la ■'■ " v e.
bv Share Warrant? to bearer -u-ld a, ’ nigh, WAKH K.. m A;.-
them on 1st Octaber 197S. Cert.htates awe : t.’s 4 Ja ;■ t.'» ►.-•'•'<! *. :*j s
Shari? Warrants to bearer renreseTrirj S.a--. **■• rSft's El »■:«•
holdings m KLKA have itom eeaved to ' T - 2 : .
haw effect, and cert.bu->s ,n noa-cf c* : a L m-i-t.ns ,.»M alt. otf
entitlements te shares - KLKB «r:M. if" «■' V- ice «S V £* .-’a*"
ibct la rrceior 01 the ac-proor-a'!- aaot tj- cf i C ,‘ ,ASS . '
iron accompanieo hr the relevant KLKA ! - _ 3 * -
iluir Certiorates C~ Share Warrants -a ' 4 *■ -’• * *•« ° '• -
bearer, be del wed fc those cnr-*>d PARAMOUNT T.c vu:.: ;jt i;
** wac'cabfe afier 1 jhe oay ihe ihe jackal a 075
iHOEDMt inwfof, 2 T " ■ • “ ■ f\«r\ ■ . ,
Pursuant Ip the term* c' the -.tie ; aai^ab'-- ' '
allotment thereof.
Pursuant l|» the terms
11th of September 1973
lave yet >"ev | . are unwd to. return tfidlr Forms of)
which wauld be examined by a to be decided. He invited 1 jj? -Vl"' irsi or »u»y" “
small working party to be set employers to submit . proposals , : —
up as soon as possible by Mr. to be considered alongside those further rem* of Aosf'catran ma, ' .r.' ^Hf 1 cantekbui:' tales" V'
Paul Channon. Minister for from the TLX. ^„^,.Ko^n^U. au *' ^ c * ^ oa 1 e .V'.vV ‘ J 5
Housing and Construction. The working party idea has |;*h?2ih V <l 3 m bloom ! stooio one - -
The working party’s main brief so far drawn a lukewarm f»i. Murwck. M.tctwtf and <:»- . the hireling a' p t : c
will be to examine wide-ranging response from employers who’ po!'"’,' 47 . . .....
proposals made by the TUC for are worried that it may delay. * ’ th?^ o»®»:c£i* q,5 charm ‘if *?
decasual'tsing labour in the support for the voluntary g j- e weaver.’ j. white . bovrceo’sc aa. •:
building industry. These centre registration scheme introduced, *n. mSISW'W-. * n “ c " • un-ve'rsal
on a statutory registration with the agreement of the low * a "- _ ■ J^ys chpie? iL-pc«r.rA!- a :
scheme lor employers and unions, at the beginning of Oiis kuala lumrur^cepong ‘ i ^ v '" p "‘
workers. month. . . . . amalgamated limited warmer nENoIavous ",-'T
RIALTO 4.'.? "J;
°vj> t ••• : 4 1
Ftsi or >us?
WORLD VALUE OF THE POUND
2 B«» 1 #ra.
PO. Ba, 47.
KuaJj Lumouf.
Malays. 4 .
g J. V WEAVER. J. WHITE
Pear. Marwck. Mitchell ana C= .
11. Irotmiorae- Ld'“.
London. FC2P 2AR
STUDIO ONE. i.'j.,-*
THE HIRELING A' h t ■;
_sj*a. 4 !'-■
■s’rubid' two. 2 - 10.3 L ■ 1 ’%
THE St3Cf:(LI CHARM of
BOURGEC'SC AAi H-: -. • - :
•_iCJ J 22 .
UNIVERSAL. '--j
: JESUS CHPIEf SL*PCWf.rAS' A .
. • Oil 4 13 t> n p.-
I '-Wl UOC- 1 CI.' •
WARNER nENoIcvOUS ’ ?-
S LiL. H»:nn.f Ai . '5 S
C ROW * X 1 Iji.m ft ■ " - .
rs p-o^-. 1 .c : 4 =
6 !: L.1T.. F ,r..| s.r . ,
T T -V-r JK.rn.JL. 4 » A A-Aj ^ JL-f X-r JL -m. JJLJU -M. x ” -w— ^ • • -w
The table below gives the latest available rates of exchange for the pound against various currencies on October 1, 3973. In f jljf f il?^ fVOrjvGrS
some cases rates are nominal. Market rates are the average of buying add selling rates except where they are shown to be o . ^
'eliing rate# only. In some case* market rates have been calculated from the market rates of foreign currencies to which
Exchange in the U.K. and must of the countries listed are officially controlled and the rates shown should not be taken as 1^1 I
being applicable to any particular transaction wither reference to an authorised dealer. ^*’^''■‘,7 ^ u-va
Abbreviations- 1 S * member of the sterling area other than Scheduled Territory: (K> Scheduled Territory: (0) official rale; Wrt . - ..
tFt free rale: tTi tourist rate in/c> non-commercial rate: (n.a.i not available; (At approxi.male rate, no direct quotation available: th ? m
h, ‘ >ln5 ri,e; nl>mln,1; '" /cl Kchan3,! rate: ,P ’ based on US - dollar par " 1ES “ ni UdSmil g^n“ns right, a! Co^H^i
NOTICE IS HEREBY GIVEN tia! ;.i o CROW • K ■ G. .n P .
Wfttr SfUV '*?£
T- r-? ^A«~C« WE5T ENO. L
resistor »; 'tie- wei-.-r; ?f ua:i.-o;i an ; ov J{ a-s -/> CA d H , , .V‘ -
***** Sit r 100 3 ^.’° 4 - J
4 3i 3 -'
. a A
fst OctoMft. T973. 4-.J it «c snrs :•
Snare War.*anto :o Iwc an sa-rf*— j*r
a Cuapo.-. Ns. 25 .un cr afer Z.'.i
tuber. 1973 . ts the Saueto Swr.
ue. Banque 'n Emst.'i c>- a,nii,,-s
BelO.om. ar ;o ary o? !•«(? aar<'i
Bv Oruer ff* ?tf Bqs-tf
MM HUNG CHEE.
_ StfCJ'i.
Bangunart Lee Yan L-an.
Jaian Msunlbatten-
Kuala Lumpur.
Ma'eysia
1st October. 1973.
ART GALLERIES
going sterling-dollar rate.
Rates for some currencies are uncertain.
Rales marked * are not necessarily up to date.
Place and Local Unit
AiaraAIaua f !?i«iun FV«n,.
Atxnftb'lu.... Atph»ni
Album* Lrk.
Algeini Oui»r
. . _ 1 Eieotb f ranc
■ Xnunr * , >ptDi»U r«>n*
Anpol* KuC- Eftcudo
Anrigu* >Sf ... Jl CarnbL<na
Ai^MUiu At. PeioA
AiiM/aiM'B.t... A unral kg £
Amtii* ttotaiUiag
line* 1’pnug. £m.-boo
Sah&aua ■#> K* [bJir
B»ngl»de»h 'S Tak*
Kahiei'n ■#■... Dinar
mieaHo Jl... #pa. Feiefa
nirbhrtow#i... E. Carlbbee.ii I
J'^lgiurrt Jf. ft'ianc uti
Rerniudai#i... Brt*. S
Jnbufau lndiin Bupee
UnlitiL Bolivian Pmo.,..
Hori«u»i!ii.S. A. Raoil
Fruli Cni-eim
Hi. noil’* i9i- Br. Hdr, . S
JvSoimninSi AuNialiau I
BrVifRiuleiSj t.S. S
Brunei <c> Brunei 4
Jialgana J>v
Kumiii K.nt
Burundi ButtuiB] Franc
Cambodia..... Kiel
1 'nmeioun Hp t'J.i. Franc fZt
1 . inula Canadian 9
■ 'uiir.r la SpanUb Fmw*
tape Tlrlf la Cape V Eicudo
1 . a v ro*n ia'S'Cay. L #
< e’nt Af. Rp-C.F.A. Franc (Zi,
Lfaad- C.F.A. Franc iZJ:
Lillie C. itoudo
China .'Yuan
■_ ulombta C. Peao
•.-oeciHO fil'd* C.F.A. Franc (Z-i
L irngo <B'lIe.>.C.F_A. Fraue (2'
LOTia Ktfa Colon (|
t ubdL Cuban Fain
Ct^rua lS> .... Cyprus £
L :rcboalbr ' Lit Korn BA
pAhnmcy ....o.fJ. Franc- -Z-
J i«u«ATt JJaniib Kione
Uortijnlc*/i.}.K. CJaribeaA S
1 m min Keu ... PuminloftA P«w
Eeuador Sucre -j
Kgypi Xarpti* 3 £
feth-jv?» EthJopuui*
Kij't'I (iiitneaFeseia
FsItbUJdlB- i. Falkland laJ !
VaJirr of
£ Sterliue
Value of
£ Sterling
Oct. 1
1973
Plan ind Local Unit
Yalno of Value of
£ Sterling f Sterling
■ •eiraanr '
tW«.U . m
Ghana ■>'. Cedi
Deutachemark
9. f5 'ss'daiii S.15npi'n"iM j ibralurfK’ GitintltArl
10.231* 10.2251 Gilbert A i
lt.SlB3.’>e-' II.EASJiftg)
0.3575 0.9575
137.00 137.15
4.il 4.10
11.70 39.1*
2.4 1J5 2.4145
11.71 ■ sci. ll.71-.i)i
41.27 41.29
T.I17522S 1.1175226
12.85 >t£l
12.3Bri£<
135 JS.'Ai
19fi.Mi.Li
47B-
47r-
. ST l^a
b 1 14*
2.4235
2.4273
157.BH
157.15
58. *5
58.55
: a
2.B
>. 511J*
Slli*
'■ 511*4
6114*
::
;;
4.3543
. 4.81*3
51. IB if'
B3.13.-rj
1 BUS*
51153
■ sin.
fill:*
. 1 I.K 1 U!
l IS. IS- Ok
(l 93.78' F.
1 28.78' Fk
. 2.603
' 2.38k
0.8358885 j
B.85376K
\ 13.80'>.-om.
. 27.46-'a r.i
' i la. 80,. twin )
27.4610,61
|SS.MvI)
| lO.MtTi '
j ‘ 611*4
illH
15.91
13 .M
4.16
4.IB
1 MUM la fb> .
J Greece Drachma
: Greenland — Dan i*h Kroner
■ Grenada ( 61 .. X. Caribbean 3
ftuadaluup6_. Lnriu Franc
I frftuam t.3,1
G uatonaiA. ... Quetzal
, Guinea Guinea FrAnc
l GajaJia ... Gujanan )
j Haiti ...rifturin
Ei'Dilgi«i2«p Lempiia
; HoaglioncfStH.K. t
j Hungary. Fmini
j Iceland i-S)... l. hutana
India O'.... ■ lad. Rupee
J ' Indoetaia Kapiah
j Iran Rial ,
Iran irai| Dinar
! Jn«ft itep.<K> Irish £
j Israel Itiaelf
I Wily Liiairt
l •cry Cmk...C.K..L Prone iZ»
JamaidA^i.. Jamaica Dollar
Japan Yen
Jordan Dinar
! Kenya Ken. ^hiiiinj
Korea iSthi...D’on
Korea (6th;. „ Won
J&uvajt (5).... Kuirut lfuiAr
IlOl Kip
latsnM LcHuh £
IjnotEo isst.... S. A foes n Band ■
Liberia Liberum 4
Lb)« Li bjah Dinar ,
ifidxt'nn'B.. Vtnai Fnuc 1
Luxembourg • Lax Franc
Macao ..^...rtim
UajlvriA. Portttg’eo encudo
Mals^azT Apt MO Franc
■ llalatri i51 — iiliiebA
.Villas nia tb).. Jis^iysian I
' Jlaldire I *.{S) Uml Bn pee
.ViH Bp........ Wafi Franc
I Milra fS) Alaltew£
[ MurtuuqBe ... Local Erase
} Miurinnia ... tJ..i Franc «£>:
I liiuHtius loj.SJaur. Btime
I UetiM tfftudfcn Few
12.0075
4.E27B
12.355
I lS.7Swh A.
12JI725 I
4.1290
12.3H* !
1 1G.76i'ci iAj
Place and Local Unit
! Rung liar Guanni
j F'r'I'a U. lip.
of Yemen (Si..#. Yemen Dinar*
I Peru hoi ■
PhUippiaei... Ph Pemo
Pixcaim 13..S '.
1 At* Zeeland S
Poland Zlwy -.
Portugal KscnJu
Port Guinea.. Guint* bmudo
Purt XJjnor, ... I'imur taciito
Pniu-ipe ltle_ Guinea Escudo
Puerto Jlico._ L.S. S
I Qatar (01 Qaur Eyal
I Bfeuniou
. I le de la C.F.A. Frauc In.
I Rhodesia Pound ■ ■
Relations Court order to return could result in another confrou-
to work. tation between court and union.
— The men- — members of the The ALT3W has always
Value of Value of engineering section of the boycotted the NIRC - and
£ S^ U f <f Amalgamated Union of Engi- threatened to ignore its orders—
TiS7S 1973 neering Workers— were ordered a policy which last year cost
— ; by the NIRC last Thursday to the union £61,000 in fines and
2 Mt* (Fi 293ij 1 F 1 call off the strike at the premises costs for coatempt of court.
flgi of Con-Mecb (Engineers) by
CORPORATION
LOANS
53.31-u t>i A 1 H.53m;cjiAi
202.1i Vi i 202. tiA.
l*.71sfti l l*.7ILa.>
1.002 1-002
.ISS.ISi no ro.' 182 . 8 imuin.i
tfaudin Peso
MiquaUA C-VA. Ftiac t£)
Iteumta F ranch Trane
8.7160
8.7127
1.00
1.00
10.1745
13.1255
1.559
1.561
filli*
5 1 15f
2. 1930
2.1930
6401"
6401*
0.775
D.775
18.58055 :
16.66035
UJi- '.E>
n.*. >ci
303.48
963.48
0.6335
3.6915
1.44k
1.443
8 . 121 a
fi.ISli
1.3175295 |
1.3175225
2.4155 1
2.4145
3.7145 (Pm
3.7172 IPi
7.3B! S 1
7 . 8 OI 4
31.73
19.05
n.a.
n.a.
58.45 1
58.55
Sll»»
5113*
2.6390 .
2.1093
5.51175
5.57465
u.
B.U.
1.82Jt z
1 . 022-1
8.8830
8-8821
13.231:
10J23 t
5ITJ(
6.11 i*
13.33
15.63
58.15
50-15
2.4135
lOlBJl.
ir.i59.;o
: i.o4,o.
l T.aii I'i
5.1117
1i7.M
2.4141
'.OjBJS.
(Ft 38.79
I 1.04 vOj
' uzrit
5.1017
117-15
Ferae 1 *
litalib itieiii
15.31
15.10 I
Ftj I*, i* 1 '--
Fiji J*
1.16
1.85 !
iltrkk*
I.S2l S
3.941- j
KnnWJSi
Xev Xii-nis «
91.712fliP.i
12.0550, Fl j
Frfcnre**
French Fraao
16.331;
16.221* 1
Fr. C’t*io.U* C.F.A. Franc K.-
SH-4
6115*
EcchJ Franc
10.25:2
IB.a 2 .j 4
Fr. Pml I*--
L.F.P. ftranclY'
158.09
1SS.95 j
C.F.A. Friuw */>.;
Sllv
511H |
(SI —
n*i*n
4
((ennifl.V
(£*j>T
S.Ai
61.1
Hoojplia ...:.. Tugril; [
MoaiMiratcbJ E. Caribbean
lltirem Dirham
UusamBiqua - Mo*. Ksmudo
Nauru Zi..-,. Au»t. Dollar
.venal Aepalew Bupefi..
.NothcrLandi .. Guilder
Xtoh. Ant' left. Antilben Guild.
{JSfo.fc,
A. Zealaul{$) X.Z. Ik»Uar
.\irt«RU» ..... 1 ft-rdcbA
Niger Up C.F.A. Ftanu {'£)
.Vl^rriald) ....Naira ( 1 ]
Xumr >nrg Krona
Om*n suitan- i
Pakistan IS). FAstKupea
Panama ........ BsJiiW
i> 511*4
IB.SSlj
l i'Oi nA .131
• 1 T 1 ni.
4. 80
l.llip
■5.45
1.3262
!•• U4.
1.11 1 5
l, 4.3202
135.41
1.5202
1.1501
15.95
i) 5115s
BUS*
10 . 22 --%
1 O 1 DA.tJI
VT; u.
4.10
9.4D 'k£|
53 JS
1.8211
11 . a.
B.I7T*
4.5202
155.2$.
1.8218
UBM
18.99
51lJf
(.53UH» sfll ,1J9B0E9 i»£.)
ia.ES - 15.22
HUOiifl
2.4IS5
!S.79fagi
2.414$
Komaoia Leu '
Ui>siKla Nituils Fnae
I St. Chriato-
; piler (Si a. Caribbean $
I -It. Helena iS)£ Sierliag
St. Lucia >(ii G. Laribhean %
ot. Pierrs (jJ-Lhsactn
1 Kt. VinuentiSl E. Caribbean S
Salvador El... Colon
Samoa IA& 11 ., C’.S. S
nan Marino Italian Lira
Mao Tome. Guiana Bacudo
Saudi Arabia. MyaJ
Senegal CJP.A. Pcane<r) ■
so.ruhellea .... B. JSttpba
frierra Le'ereiS Lmub
bingup'roS SuignpOTaS
■ SomaK L’ep— bom Shilling
. Sth AJriua i-J) Band,
a. TV. Alrich..
Tern [arid lo 1 S. A. Band
Spain Peaifta j
Span Poets in I
Monh Africa, fewu
tin fanfca faL B-L. Kupto il
Sinlnn Rp. .... Sudan £ • •
Surinam S. Guilder
Simtafland (S;S.A. Hand
Sweden 8 Krona
Switzerland.. K “iat Franc
Syria..... Syria AI
1 Taniy.'iaiSlXan Shillinj
! Ihailind. fieht
1 Togo b|L Franc
, Tonga Is. %8). P'a'aujja
1 lYinidad (81 ..Trln. A Tobkfo
• lunina iuniattn Diuar
i Inrlipy Turkish Lira i
Uganda^)- rg.su 11 in jj ’
L tiL Stale*..-- USJIolixt
Uruguay. Uruguay Pew
l-u*nA , t<Enu , »U>A.bi. Dirham
L’.S.SJI Jiouble
I Upper Volu-.C F.A. Franei.zt (
I VatiWB Ualianlin [
f Venezuela...., Bolivar
! VieLftamlNtbllXfim |j
V ntoi m (Sth) llasue
V’cin Is. U.S. D.S. Dollar
fam
SfiBM ($) Sam out Thaler
Yemen HyaJ
Ynj6alaTia Nrtr Y. Dinar 1
Zaire Sp Zaire !
' Zambia is) — ttwtebi 1
0.84
0.8*
fw;i:A 9S.40 bsi.-a: A 83.'
iF'A 104.84
■ Pn\1 104.8
16JSI;
18.661;
1.8202
1.6218
(OlIL*.
.U>DJI.
83'fi
84cl'»
56.^5
56.55
56.45 .
56.55
56.45
56.55
56.45
56.55
2.4165
2.41*5
9.575
9.575
5115.
Slli*
n.ft.
ILL
12.20.0 1
12.28 1 O 1
J5.M-TI
55-30 <Tf
296.83
706.83
4.83
4.M
4.18
4.60
bill.
6113*
4.80
4.40
6.02
8.02
2.4155 !
2.4145
1.SS9 j
1.361
56.45 j
56.55
1.50 i
8.SQ
5115,
6)13*
13.35
13.33
2.0
2.0
5.8363
6.6914
15.157tt*g.ij
15.157914?.
1.817522a
1.6175225
Mr. R. W. Dilley. the com-
pany's chairmao, said that eight
of the 20 strikers were still out,
the premises were still being
picketed and as far as he knew
Hull dockers
stay at work
the company was still being HULL'S DOCKERS, who were
“blacked.” nmnnl^ hi>mn n »■)« - e
expected to begin a series of
Five men bad returned to weekly one-day strikes with a
work yesterday and seven others stoppage, remained at work
had left to get other jobs.
yesterday. There were, however.
London Borough of
HAVERING
1 0Wom
“ ^ Paid Gross
(minimum £ 1 . 000 )
Pltosto Romford. 44040 Ext. 253 cr
write or all Borough Treasurer (FT),
Town Hall, Romford, Essex RM1 38B. i
1 . 5i» 4 siiif Mr. Dilley said that he would no plans to call-off the campaign.
,l - a - be contacting the NERC to re- The planned strikes are in
1 12 . 2 KO 1 12 23 1 Ot P ort ^ at lhe , order not support of a claim for an £S a
1 is.iO'Ti 55.50 iTi obeyed. No progress had week pay increase.
2S0.03 206.33 been made at a meeting between The dockers’ shop stewards
the company and union repre- say they will not give any pre-
sentatives organised by Depart- vious warning of the strikes.
_ raent of Employment conciliators Dockers will be told when they
4.10 4. so -oo Friday. report for work.
5>U* bllis
4.80 4.40
If i Professional engineers
p # protest to employers
S.MOfl G.G6I4 * v
1 i’aw S& > 1 i - Bi 75 a^' ) ANY ATTEMPT to class pro- that his members would not
Fessionai engineers with other stand for the employers'
1 . 6175225 i. s 175225 technicians and manual workers apparent willingness to classify
in the engineering industry could them alongside the mass of tech-
j 137 .B 0 157.15 lead to an "explosive situation.” nicians and. manual employees
[ 1B7>aa 157 , 5 This is the warning of a in the industry. ^
1 15.5338 fcg**is.BS8s>‘ !! *a strongly worded protest to the If the employers attempted to
• ojmtbia)! o.MTjf.Ai Engineering Employers' Federa- conclude an exclusive agreement
11575225; 1 5175226 tion by Mr - John Sampson, with the AUEW and ASTMS
10 . 1113 ! 10.1514 recently appointed general secre- for representation of higher
7.3019 i 7 .MI 4 tary of the United Kingdom technical grades— which include
!r 8 21'J' : S-Mia? Association of Professional a high proportion of chartered
4s!§526 ; <3 i 92 s Engineers, which for some time and similar^ qualified engineers
si Hi ; sn ia has been seeking recognition by —it would inevitably lead to an
1.7320 1.7337 the EEF. explosive situation.
flge t it comes as the EEF Is about “It is particularly 'galling that
0.95 futi 1 o. 94 b' w tn °P e n wlks with the technical this treatment of professional
CAERPHILLY BONDS
«| 4 % -* , ! Repayable on
I Ili^l ■ 3 I st March 19!
■ 112 Appfv to Trca<siir
Min. £3J»0
J Repayable on
;37st March 197S
Aopfv to Trca,urcr
! *F> Caorothlly UDC
1 Council Oibces
Caerpftilly. Glamor-
! oar. CF8 ZWX.
MARLEOROUCM
• . u-t.i :o
tt A. hr-,., r - /.• •_
CONIEAtPCP.ARY
, 3FAN!SH SEALIjTL
aO OM Gone- ■<' V.'
TOM PHILLIPS
Kfn i-.i-n 'o
1 0.1.1/ u-3.30 Sl’> Id-’. - 30 Ac v. *i
_ . . CJtitoaUU Ji h L : ao-.t Vr» .
' KAPLAN GALLERY. 61 ‘'oiike St.*flT
• jjire: s i.V/ : 'flrh »n{i ’Dn
<>1 i;in5!. Mon -ft -I ’0-5 _
ALWIN GALLERY; -}, to' Gr VI. ir. l\ ' V*
Wato.-:^lc-J-; tw EDNA LUK'G
to4 ftltlHD tr^A tt» ItolCK T J/.£- S.*--
and Londoi'i crouiul?
“S'^n gallep.ies; s'rTpj-'hVii
W., JOHN DEU.ANY. lO ^O-i ’O. 5J
• :o- 5o- 1
Marlborough 7 graph icsTVoT
17- 1 5. Old -Buna St. VV
Opi-ni October Sro
. . „ TOM PHILLIPS
. ~ K :trc:3j.;tiii. ol GraoMri :?S3-
; _ . Until OciPfcer 2*l*»
! OjiIv 7 0J0-S 70 Ssr- I3.C0-*
[ Adminion frhf.
j OMELL GALLERIES. 40 AlftftnN'K?
j PiCCldMIv. W.l MoHc'it British ar.d S.”
J ncan Pam.-inas oi Cha- - m aor! D;sf.r.;: .
Jann Benr-i-iin-Dinida;* ‘ Clipper S‘-
| 4"d Sol Batik-'. 1 .mu Jl 22. Bar- Sv
I S!. Jamu l SWI Fine Vrtei-j.. nj •
— '
| LCFEYRE GALLERY, CjiUfrawrjrv jj.-
I ’nji -Ind d.-jwinii on >i«n :
E San. 10-1. 10. Bruton St-vT* "■
_AA3^1S72-S
• THE PARKER GALLERY. 2. AltC-i
Street. Piocftdiliy. W t. f«h.tiiurn p- c
ir.^ilno militarv. ipon ng jnd ‘oiJOiJiJBr
| C4l or Iris and pjtntmGJ '.hiP RUrfe
CLUBS
Countv Borosgrt of
DONCASTER — BONDS
Exnlrv Jnv
n -f _ „ pre-telectBd
■iQtj ws-tSn
A. /(J MIN. £SOO
* w No eupvwws.
Tmtit
Derails ..Iroro Bo rough
Ha lljSitc. Doncaster .
raiWow Don castor <0302} 4041.-
! BLUE ANGEL. 14 Bcrkelo/ S:r>-CL LonP-
i W.C.t. Inicrnationjl CutLird. Ccod tot
| Dancini) ra 2 bands Immedul.- jew-
■ tioa. Sb. 6 29 14 41.
j CELEBRITY. 17. MnT Bond 'Slrrrl "SPI
I TACULAK. Floor shows. GDIV1 !5f
r Djncim to 2 bonds. in>m*»iiate.vafiii>-.
R g -- 76 16.
I EVE. Regent Street. 214 *307. Ai- Ca>
Uvlsft SorCUcular. " Lib sna ’.si -’t
Ent. Fee CstldJil D.nr.;i W.n.. Br,n
| and Coflee £6.9 S or a la c-m-j.
4.80
, 0.95 fifti
{ (33.80lvg;
,Ibui n.a.
I 16.6035
> 33.60 <r|r) section of the Amalgamated men is to a large extent being
Uni0n of Engineering Workers supported by Boards of directors
15.bUaa <>nH fh A AeCAMi^tTAn nf CniAntifiA atwI PrtA inw m n n nronar. 1,.. ...L
RESTAURANTS
APHRODITE’S
«S PICCADILLT, YY1
Mayfair's newest Restaurant
Ltuunans Jjnmgu Bar, hiKm/moani
i.uiAine. Domerr Dancuia.
floor Show uricit H'irfiHj/.
RESERVATIONS 491- 17S7.G8
2-4135
2.4 MB
2.130it|i
2.180(01
9.53
9.59
1.G5
1.86
5113*
5113*
1.359
1.561
10.40{*!
10.40 ix.
on a new procedure agreement, fessionai colleagues," said Mr. F , 1 /™ \
Mr. Sampson told the EEF Sampson. »SSl !
oft'K'osin'na
iUla.it ip>
iTniA.fgi
fOlnjLfji
ll'inA.ipi
1.20714
2.4145
Mr. Sampson told the EEF Sampson.
Swan Hunter to lay off
more boilermakers
PERSONAL
M.lBfssi
54.37S9
1.2963
ll.Wsjl
54.6768
1.2068
Swoaila,
* M gft , i!'' ^u«ion o- Drivaa*
1.6509006' 1.6609:05
• T6al pati o i th? Frftwh camainnliv In Africa forncrlr oirt of French West Africa or Francli ^oaaiorial Africa.
■£ i* to* commercial rale: flmnoaJ raw 24.10 on Scnwniber 3 and ar.M or October L
w MHiral. Twirfcrts v!«|!wj Sri Lanka a premumt or « per eenr.
22 \ decimal currency. i1« doilar- ! « J ® HhoEealm dtUUnos. was intrWJuwi! by iht iadcOeuiOAi retime on February 17. 1370.
' omlr.f ra al rale: ttundal r*te 10.48 on Sepr amber 28. MB u.47i on October L = 3 #
*fSSn£rc,al rate: M rale SJ « ** ... ,
6 Pooltry, L^on7t.tJ. Ol-zS*
WWOfTlGE FURNISHINGS BY DRUCE.
h55^U?« ^ des,HBW ? • tomolete!
p* executive suites, retention i
AfSa luxury horocs. diciCB
?f?^L_ ana j “"P'te co neon rt* ( n th(» i
LTD “VSi ■Sr oad - ? RUCE 4 CO* I
ujijp* ^ A^" 6 ^ NewmaA Street. Lonear.
W1P 4AL. TcteohctH: 01-980 0462. '
gJK'Sr'aSim ’ A 4 MWo* | Kew Y. Dinar 1 M.37M ; 54.6765* BY OUR OWN CORRESPONDENT ,
«■!' M ! n^S2S£*ii-hr • %SS tSTi ■ £^®L...KJ5to : ifiSw; uSm south shields, Oct.1. "KSb."asS"JP .gj» l
SWAN HUNTER will be laying The strike is ostensibly over a I
Thai nart of tb' Fremh camainnliF In Africa forncrlr part of French West Africa or French Eoaalorial Africa. off mpre boilermakers and bonus claim but hag developed Mn< S2^ E ^ j
i ars/is™ i- » ™ ? iM xj, „ 0 ««*r 1 . worke ™ at s'* 1
f wr PMiU T01BWM vwums Sri Lanka pmvr a pmmirai or to per mal Shipbuilding yard this week a 1
22! Ecimal oitTeiKT. rtUUn “- u * s ffltr * 5uwd ind^Bdehl r«i»n hi FeBmary It. 1370. ■ because Of the Unofficial strike !
^ o? .S!“ commercial rate: unaticui rote io.4f on sapiamiwr 28 . ana u.47i on on«b«- 1 . p^i— ‘ " "■ { i *~-i! of 1,100 welders which has lasted the right to negotiate their own PI AMT Aim
^zsrss: "s : , E'szszfjsrm « ** «„ o^r «. ® V xh ^™£L r tn ^ laH nff h « p *i de . aU - , *. # ^
n mr*! application, (here !* also a nomtnai ofBciai rate of u.w. I t — £j U The number to be laid off has A special meeting of the Tyne MACHINERY •
-'i-cn 1 s Ihr L-onuneri’ial n.rr; financial rate. 1.416 on Srwcmht-r SS. and 1.423: on Ouiobrr 1. . ■[> ' . .Trnr^TSgrTIm y el be decided but it Will be district committee Of the Boiler- l
The Naira *'«r*r ' f™ 1 « I I large. Nearly 1.7S0 workers have makers* Amalgamation is
'^Rair ££? 5 s ScSa!; 1 ^ 1 ' rl- : already been sent home because expected to be called to-morrow .truoo. w ,
Vi. pH L™ 'WPn,- 10 ID on -am Hat.. of the dispute and If it continues night to discuss the worsening 'S'-. B«Mw“ v r57 ;
1 multiple rBletfflem t'* tn op?ratMin. LiMl raw not arailatilo. , rfmr nt 0 im muhtM and ih» ^nr-h ne3n Week, it will start to situation and tt* see if anythin a ; Con^Ka irow. Mjsw. . Latter' Boas.’!.
VhQEoliaA uisrik l« towornKJ to nan-1 ai an offiLiai fo.iimarual riio or a rij Kussun roublM, U» >ortft Vlamam Sails at DJMraBncs. oim the Nnrih Koroan nun in th»» non h- - J Diesari Elrriric and Mrowmt^j. rraai -
• si The . 2 .“ rouSIfJ- wuh :h» pound siandmt at t.ns roubles. Tbb lalloum? rolaiiomhip can bo calculated lor ihe pound: £1— >.393 lUKrlks. £1=5.3921 dona: £1 ineu 0 tile OI*lBU!fl a Can be done tO achieve an early delhierv. lists sem on ret;
watt « ft'® 1 '" ua ' Lpnnlrth„..,v '■ — •>_ aura. BlnninDhun f»k lit, Tn»k ,
TYPEWRITERS
PLANT AND
MACHINERY
m^£msmwd^A
GOURMET
GLENKOTHJES
i Glenlivet
1 ririn; pncularitr of rvt!: arc:.!: ,
onuxT uaoiu-j Krinui uhi«Icv drlnkriv
*verjwhcre. ir it cruac ««■■: thar GLS’»- '
j ItOTHSS-Clenllva is bciaminc r.odilr
■ u.a.'-d-rlafc, win, #ierilur.ti
ii jbrottuhour Cheat LViiain. Tk-i .
■ Savour thu S-tcjr-oL! .-.iru-lc :u~t
• ,T ^ m inu cdtinrerl Jiwit
j OKciRerv Cir.nrodik-s. ,, .(iiticriiinr vt a
| rff^cianon t ycr. 1 ., the nw*r •.Ju.-atra
, JLiIths. F.j { ;jj e ar# a aciJiMi o> voi»
; >K-.ki< of CiLENkcrrHEb-
i OlcCuivet. pluu? u-Hic ro VtartKru" Glf-U
j i-ttf.* ?.:rth. Ttl. Pci^i
I or LVlnhj cd 6 l Cl-. Lid.. M.
I Qctimiicon ^rwx, Lorri^n 5 f-i TXT.
; T«l lilt,
GLENROTHES
> Glenlivet
" At3iAiiAft.nl. cn ow uro.1
, I*™” £ - c “ z - 0oen c.cry da* IrtC'"* 11 "'
Saturtav and Sundar lor U"«i. Di-ww
! ind Datcir.g naai 3 a m. Caharer niofti 1
1 10 3 £ P-T' ai,<i ’-IS a m. Mun. :o Sti'
| me. £4^0 per head. Rev 566 19=2-
watt at i»..^-
• ^Kl trull.
trades.
breakthrough in the deadlock.
• 3 K«. Binninpham *ttrk utt Trutk Lid- .
. .021-327 5944-5.
T«.-rr-* hirK
Channel Islands’ extra
revenue from companies’
FINANCIAL TIMES REPORTER
CORPORATION TAX and fees
payable nn the annual returns
nf over 10,000 locally registered
companies should bring the
Channel Islands over £400,000 in
extra revenue nest year.
Guernsey's Parliament has
recently agreed to raise its
standard rate of corporation tat
from £200 to £300 per annum and
its fees on annual returns from
£25 to £50 per annum.
Similar proposals have been
lodged jn Jersey where the island
is expected to follow Guernsey in
introducing the new rates as
from January 1 next year. The
rwo islands decided to act jointly
in this matter to avoid inducing
companies to move between the
islands.
Jersey MPs have been told that
the aditional charges will bring
in an estimated extra £120,000 in
corporation tax next year, and a
further £187.500 from annual
returns. In Guernsey the extra
revenues are expected to exceed
£110.000 for both corporation lax
and annual return fees.
A request from one MP that
corporation tax should be graded
with larger companies paying
more than smaller ones was
rejected on the grounds that
such a differential system would
be hard to administer.
Guernsey's MPs have also been
told that more efficient methods
or “vetting" new companies seek-
ing to establish themselves in the
island were expected to be incor-
porated in new company laws
which were being prepared.
This followed an allegation
by one local MP that Guernsey
was being brought into disrepute
by allowing “bucket shops” to!
operate. The allegation was
strongly refuted by Mr. E. D.|
Collas, president of the Advisory
and Finance Committee, as was 1
another MPs suggestion that
Guernsey was being “sold” as a
“flag of convenience” to com-
panies over which the island had
little control.
if only you knew what goes on at your sales desk
A Jot of the informationthatcould make
the running of a large store more efficient
passes through the sales desk.
Like which styles, colours and designs
are most popular.What stock needs replacing
on the sheives.What are the fastest-selling
seasonal lines.
The problem is it takes time to getthis in-
formation back to management and buyers.
And even then it r s not always very reliable.
Now IBM introduce a new system that
makes all this up-to-the-minute information
from the sales desk available immediately to
buyers and management.
We cal I it the IBM 3650 Retail Store System.
It's a comprehensive system operated by
anew control unit no larger than a filing
cabinet.This in-store control unit -the IBM
3651 -can work independently or be linked
to the head office I BM 370 computer.
For management and buyers.
The system has a number of different
terminals which can be located at the point-of-
sale, in the central purchasing office, the
store manager’s office, the receiving bay and
the marking room.
The 3653 Poini-of-Sa I e Terminal performs
al I the functions of a cash register.
In addition it has a magnetic wand which
can be run across a magnetically encoded .
price ticket to read item data such as mer- - ’•
chandise style, colour, size; description and.
price which is printed on the sales receipt.
The item data is passed through the
terminal to the in-store control unit. All the .
information on file here is immediately
available to management and buyers on the
3275 Visual Display and Printer.
Up-to-the-minute register balances, mer-
chandising data, stock and sales reports are
a 1 1 read i iy ava Hable to the store manager.
Buyers can spot the fast selling seasonal lines
quickly and amend purchase orders to keep
abreast of fluctuating demands.. V
Receiving and checking.
Once purchase orders have been placed,
receiving and checking can be a big headache.
Often the merchandise
received is notwhatwasordered.
Or there's only a partial ship-
ment. Or some of the goods are
damaged.
The 3275 Visual Display
Terminal allows the checker to
call up the original purchase
order on a visual display screen
and check merchandise, item by
item, when a shipment arrives.
Wth this information the chebker can initiate,
-theticketingprocgss.
Accurate ticketing.
The 3657 Ticket Unit both encodesahd
it ■
tickets in three different sizes as well as
gummed labels. : ;
sales desk, t
riptioh and item data on - -
an the pomtof-sa I etermi naj. .'
Which i takes us back f u (l ci rci e.So now you
know, how.you ca n know wh$t goes on atyouc /
safes desk:..; ;*■
3650 Retail Store System
■ For further i nforma t ion-con t^ct , ; 7 ’ - />■ ...
lari Chapman at IBM United KingdonHJmited .:
389 Chiswick High JRoad. London WA4AU \
Telephone 01-995^441. ai
Value of architects’ new
commissions rises by 5%
BY LORNE BARLING
IE VALUE of new comm is-
ms received by private arebi-
:uirat practices in the second
arter of 1973 rose b> 5 per
iu. at current prices according
the Royal Institute of British
-cbitectx.
In the same period, there was
i increase of 7.5 per cent, io
e value of work on which
oduction drawings had already
>en started. After allowing for
Ration, the advances were said
oe 2.5 and 4.5 per cent,
spectively.
“Work remains at a high
tel and practices generally
c Still very busy. Tbe produc-
i n drawings series seems to be
ilowing the path of new com-
missions. with a lag of about
12 months," RIBA said.
“In the current quarter there
were increased commissions in
all sectors except public non-
housing work, which fell at cur-
rent prices by 10 per cent.
“Housing commissions from
both public and private clients
continue to rise — they went up
by 9 and 8 per cent, re-
spectively."
Regional variations showed a
small decline in commissions in
London and Scotland, while tbe
Midlands and tbe South-East
went up slightly. Work in the
North of England recovered by
20 per cent., more than making
up for tbe decline in the first
quarter.
Pipejacking tunnelling
association formed
BY JOHN DARLINGTON
SEVEN COMPANIES in tbe U.K.
pipejacking business, which has
nn annual turnover of around
£6m. yesterday announced the
formation of an association to
promote this method of tunnell-
ing in the civil engineering
industry.
The Pipejacking .Association,
whose first chairman is Mr. Mike
Hough, chairman and managing
director of Rees-Hougb, will aim
rn ensure high qualify work and
to educate engineers further
about the method's applications.
Pipejacking involves jacking
large-diameter steel of concrete
pipes through the ground, with
the displaced material being
excavated al tbe face of tbe
tunnel and removed back
through the pipeline to a
“thrusting" pit. It is particu-
larly suitable for service and
sewer tunnelling.
Mr. Hough said that pipejack-
ing offered environmental
advantages over open-cut
methods, and that it required
fewer skilled workers — a critical
factor in view of the current
shortage. It is being extensively-
used in Bath for example.
“The Government predictions
for tunnelling during the next
20 to 30 years are very encourag-
ing, and the potential workload
for all public works contractors
looks very healthy indeed,” he
added.
llK obvious place for
NO I D.C. PROBLEM
Fnui pe "t or the moiorwi,. .
Industrial j.lcs up la 70 urn.
CintORi-buHl Units trgrr?
213 000 M. TT
Send »or detail* nan train
PL-feJir Relations Officer FT |
Civic Centre Newport. Mon
NPT 4UR.
T^teenoac 'C 533 i 65491
The Financial Times Tuesday October 2 1973
Director urges need for
t plant hire mergers
*
BY DAVID WALKER
TlA E NEED for more rationalisa- comers in the industry making Charges were still far behind
non and merger activity in the heavy losses and being absorbed replacement costs.
? <Uuit hire industry — in which at by their more successful com- He pointed out that in the past
easr 1200 companies, few of petitors.' That Trend, he warned, few years six out of 14 publicly
them truly .national in scope, are could recur. quoted companies engaged in
engaged — was stressed yesterdav • • plant hire had been taken over,
by Mr. 3>L D. Goodwin, a director WOOming again wbile major outside sbarehold-
of Hewden Stuart Plant. - After three unprofitable years mgs had accumulated in several
Mr. Goodwin, whose company the industry was booming again, of the others.
is one of the largest of those in but the current prosperity was Most 'of those mergers and
plant hire, told a Contractors founded largely on heavy borrow- share movements bad come in
Plant Association conference in ings which could be funded only the past 12 months. It was a
London that the need for capital through a high level of plant process which had to continue,
would inveitably dictate the form utilisation. A sudden reduction The conference was also told
of the industry over the next Few in the level of work would mean yesterday that British companies
years. “Only these larger units a return to “the price-cutting had "a tremendous potential"
will be able' to attract the bor- jungle" which existed up to a for leadership in European plant
rowing necessary’to support their year ago. hire.
fleets," he pointed out. In the next 12 months. Mr. Mr. Harold Mead. European
The industry was now living in Goodwin forecast, a marked editor of World Construction,
“ an atmosphere of unadulterated decrease in the peak level of who made this claim, said that,
euphoria, when profits are easy activity now being experienced with the possible exception of the
and new faces are appearing on was likely. Tbe industry should crane sector, there was little
on the scene everv day.” act now and anticipate the hiring of plant in Europe. But
At the end of the last decade probable effects. definite and undeniable signs of
there was a similar situation. Pricing policy, in particular, plant hire growth were becoming
wich ended with mam- new- should receive close attention, apparent year by year.
Metal Box move to
expand cans output
Value of SE ordinary stocks
drops 10% in a year
FINANCIAL TIMES REPORTER
REFLECTING THE depressed
state of the stock market since
the introduction of the Govern-
ment's counter-inflation policies,
the value of Ordinary stocks
quoted dr the Stock Exchange
fell by nearly io per cent, to
£53.395m. in the year to June 29.
1973.
This figure, disclosed in the
Stock Exchange's latest Fact
Book, includes for the first time,
following amalgamation of ail
exchanges, those Ordinary securi-
ties quoted only on the former
regional stock exchanges.
The market value of all com-
pany securities has risen between
March and June. 1973. from
£ 142.474m. to £148,170m. with tbe
number ot securities, included
increased from 7,519 'to 8,239
when the regional exchanges are
taken in.
There was little interest
shown in raising new money.
Only £9S.6m. was raised by-
equity issues in the March-June
quarter, compared with £350.1m.
in the same period last year.
Including issues -of other securi-
ties. the total raised by UJK.
companies was down from
£453m. to £121m- Gilt-edged
issues were halved from 11202 m.
to £611m.
A table on listed securities
registered in the Irish Republic
shows that 96 Ordinary and
deferred securities bad a market
value at June 29 of £4S2.5Sm.
Topping the list of Irish com-
panies was the Allied Irish
Banks, valued at £49.89m., fol-
lowed bv Bank of Ireland and
Waterford Glass at £4829m. and
£46.48m. respectively.
In the U.K. there was no
change in the top four of the
100 largest companies — British
Petroleum. Shell Transport and
Trading, Imperial Chemical In-
dustries and Marks and Spencer.
Despite its acqoisition pro-
gramme. British American
Tobacco slipped from fifth to
eleventh place. There were
three entrants to the top 100 —
Montagu Trust at 81. Ready-
Mixed Concrete at 98 and Cable
Trust at 99.
South Africa remained the
most prominently quoted foreign
country, with 146 companies
having a market value of
£8.841 m. However, the 72 U.S.
companies quoted here were
capitalised at a considerably
greater £53.945m.
Sir Hugh Wontner, chairman of the Savoy
group of hotels for the past 2a years, is to
be the next Lord Mayor of London, fie will
take over from Lord Mais in November.
A freeman oF the City since 1934, Sir
Hugh became a liveryman of the Worshipful
Company of Feltmakers in 1962. He has been
an alderman and magistrate in the City since
1963 and was a sheriff in 1970-7L He is also
a member of the Court of the W orshipfpl
Company of Clockmakers. ■ •
In 1953 the Qneen gave him the ancient
title of Clerk of the Royal Kitchens.
Sir Hugh -is chairman of the historic-
houses committee of the British Tourist
Authority and was previously a director of the
British Travel Association, the Authority’s
predecessor. '*
~ BYKEN COFTOIM
METAL BOX Is to spend £S.75m.
on four “ drawn and ironed
c&n-reaking lines at West-
houghtan, Lancashire, the com-
pany announced yesterday. They
will be capable of producing fiODm-
beverage cans a year.
The announcement implies a
Anther .intensification of competi-
tion in: -the drinks ran market
which* although expanding fast,
has been estimated to total no
more than 1,500m. cans this year.
. Metgl Box is already building a
■JElXiiv ' at- Glasgow," due tor
come on, stceum^next year .with
a capacity of lOQm. a year,' Racing
to bear'll 7 into 1 production is- the
'CieyerGpjr Company, in Norfolk.
Channel Tunnel lorries would
‘devastate’ roads in Kent
BY LORNE BARLING
THE EFFECTS of the proposed
Channel Tunnel c.n all roads in
Kent could be devastating so the
Government should transfer all
traffic from road to rail, an
environmental study suggests.
The report by the Weald of
Kent Preservation Society also
calls for a ban on heavy lorries
from village streets, lanes and
minor roads and a restriction on
all industrial development out-
side limited specified areas.
“ It was felt at the start that
tbe Increased pressure of road
traffic on the environment of the
Weald might be reduced by a
transfer of such traffic to ihe
railway.
- All the evidence we have
suggests that this is a delusion.
that little traffic will join the
railway and that tbe funnelling
of road traffic from points in the
triangle between Harwich and
Southampton into Cheritoh will
increase the traffic on all roads:
east-west as well as north-south,”
the report says. .
The effect of this could be
devastating, tbe report warns.
Th® -“drawn and ironed
nique" Ls well-established in
US it uses either unpUii. or
aluminium, and makes ean^m
two pieces instead of three.
Although capital intensive, it. has
a very high rate of output.
Mr. Ray Frost, manager r, ‘
Metal Box’s open top group. «*'d
that the company was expected
to invest further large *unre in
two-piece, “drawn and ironed
technology! not necessarily. >n
connection with the beverage
market. The Wes though ton olunt
has 12 conventional ihree-piece
can-making lines, and employs
nearly 800 people.
See Page
GLC to investigate
harassment of tenants
BY JOE REN NISON
AN * INVESTIGATION' Into
harassment of tenants by un-
scrupulous landlords is to be
carried out - immediately by
officer* of tbe Greater London
Council housing department. _
The move follow* recent Press
allegations about tenants being
forced to quit their homes so
that the landlords could
redevelop. ' i. V
Tbe call for the investigation
esame from Sir Reginald
Goodwin, leader of the GLC. He
said that if the reports were tre
they, suggested “ a scandalous
situation.” and he appealed to
any . tenants who felt . they had
been victims of illegal tactics To
make their case known.
'He said: “In the days of
Bachman people were des-
perately scared to give informs-
tion for fear of harassment. Buu
knowing that tbe authorities arc
able to cope with them. 1 hope
people will now be willing to
come forward." He explained
that be felt that there should be
an ' immediate investigation in
order to ’ grasp any problem
before it . got out of. hand,
v- A ' spokesman f or the GLC
added that the council would not
be setting up a special investiga-
tory committee but would he
intensifyng the efforts nf the
bousing department in dealing
with this sort of problem.
He explained that the 32
London Boroughs already had
the means, through their rent
officers of dealing with such
cases.
r
a
20
r
)
$ 20 , 000,000
Eight Year Term Loan
to
Metalurski Kombinat Smederevo
(a unit of Jugomet&i Kombinat)
' Guaranteed by
Beogradska Banka
Arranged by
Loeb, Rhoades & Co.
• • In Ccmjimcdon with
The Sanwa Bank, Limited The Kyowa Bank, Ltd.
The Kyowa Bank, Ltd.
The Mitsui Bank, Ltd.
Provided by
Tijc Sanwa Bank, limited (Agent)
The Mitsubishi Trust & Banking Corporation
T: r ‘ The Toyo Trust and Banking Co., Ltd.
The Daiwa jEtank, lixnited The Hokkaido Takushoku Bank, T-.fmirfd
The Nippon JFudosan Bank, Limited The Nippon Trust and B anking Co., Ltd.
The Singapore Nomura Merchant Banking Ltd. *
This announcement appears as a matter of record only
September 27, 1973
APPOINTMENTS
The Financial .Time? Toe^ay October 2 1973
Mr. Giuseppe PecoreUi, who Camas has
joined TRUST ' HOUSES FORTE director. ...
ten years ago, has been appointed - • .
Mr; Charles Robinson has been
international : dtosfcn - .and appointed chairman of-ROBIN-
becomes a member of the THF
been - appointed: ra NATIONAL • ' WES P S ^^ Fin * ««iaiw u
• • . -BANK'S- international /tanking chief dealer, •
^ ■ : ....... ~ Mr. V. C. Baker and Mr. A.
- v - , 7 • - W. Joseph have resigned u
35* W. Ritchie has' been the Boards of BRYAN ST
' ~ - tfjg
Mr. CJwte , .... * . jMr . c . A. WhiUkrr ha, b.
■ Mr. E. R- Kaaself, Otf. D. Romer- appointed chairman of EMPI
Lee. sir. D- G. Rjiwd and Mr. OF INDIA HOLDINGS. -
j. - A. Y. Townsend - have, been *
appointe d ;assis tattt maa^ers _pf ^ D . m. Stoeoek has fc
JJROVN SSJFLE\ AND CO, Sir. n pp»?nt«i . chairman of SING
P it Stand . has been appointed holdings.
EDP manager. * ‘.1
- Mr. L HoskJn . has .hi
. .'-Mr.. . M. H. . Davenport, Mr. appointed a director of:.;
a E. K. Foster, Mr. J. E. HolHck, F PRATT ENGINEERING <U
Mr. J. H. Murray, Mr.*G. CL Nay tor, PORATION.
Mr. C. J.. B. Rock mid Mr. J. J. * ' -
Wolfe have heen , appointed diri> jg r . Grant Manheim has 'h*
stenai - directors of WILLIAMS appointed a nonexecutive Air
AND GLYN’S RANK. tor of N. M. ROTHSCHILD A
. - . -* >. SONS. t . t ^ „ .
- M r ff, Ca stens frtoM Ti ? » s N. M. Rothschild and Sons' ]
responsibility for the executive formed a
management of MACANDREWS "“led N. ROTHSCHiLO A,
AND CO. following the retirement SONS ( INTE RNATION AL) to
of Mr. P. B. Larsen after 27 years’ « a co^rdmat^ company _
service, -having been a director its international activities. T*
far 13 years. following have been appohr
.. ‘ - - . directors: Mr. Rodney Lej
• .' .. fchairman): Mr. Leopold
- Mr. Qaode R. : Oiartes hffv been Rothschild; Mr, Evelyn dr Rot
appointed mana ging director or child; Mr. Jacob Rothschild; i
TRIDENT INTERNATIONAL John Silcoch; Mr. John Londt
FINANCE, the new Hong Kong- Mr. Robin Johnstone: Me. H«
based financial institution set up Ergas; Mr. Christopher Havttw
last February by Barclays Bank Mr.- Francois Moyer and 4
' 'International, HeriU Lynch Pierce Stewart. Boss. . .
has been deputy chairman since Fenner and Smith International, * .
1262. Mr. Ernest Robinson, chair- and Nomura Securities Company. Mr. N. C. N. Housden, chains
man since 1962, will remain on Mr. Charles was chief manager 0 f Arlington Motor Holdings. 1 £
the Board as an executive director of the London office of -DOW been appointed chairman •
and as deputy chairman. BANKING CORPORATION. He ARLINGTON MOTOR FINA3K
•*• . . assumes his- new. duties- on Mon- a new company formed jointly
rz. day, and will be based in Hong AMH and Lloyds and Scott
Kong. ' : Finance
He. R. W. Bailey takes over the Hr. H. T. Porrttt, Mr. J.
management, of the London Heywood and Mr. D. E. Stedrii
. branch, of Dow Banking Corpora- directors of Arlington Motor, a
Mr. Desmond - Stutehbury has tion from. . Mr. Charles. Other Mr. W. W. Re&nilsoo and Mr.
Hang Kong and South' Africa,
Miami and Cyprus.
★
Baroness Elies, chairman of the
Conservative Party -International
Office, has - been * elected inter-
national -chairman of the EURO-
PEAN UNIQN OF WOMEN,
succeeding Fran Charlotte Fera,
of . Germany. . ~
k
Mr. A. B. Montgomery has
retired from Board of the ROYAL
TRUST COMPANY OF CANADA.
• * .
Dr. Bryan Edmondson has been
appointed ■ ■ director of the
CENTRAL ELECTRICITY
GENERATING BOARD’S Berkeley
Nuclear ' - Laboratories in
Gloucestershire: He succeeds J>r.
CL Vi Haigb, who, as previously
announced, has -become deputy
director-gene ral (design) Of the
Board's generation development
and construction divisiojL
Mr. J. ML CL Hall has been
appointed production director of
SHANDON SOUTHERN INSTRU-
MENTS, of - Camberley.
★
The Earl of KinnouU, a director
of the PROPERTY OWNERS
BUILDING SOCIETY, has been
appointed deputy chairman.
Mr. ML D.« Rowley has been
appointed to the Board of
KIRKLAND - . WHITTAKER
(FOREIGN EXCHANGE AND
CURRENCY DEPOSIT BROKERS)
and not; as previously stated, the
Khkland- Whittaker group of com-
panies. . • -- „ — _
been' appointed a- director of the -promotions ax -that branch are G. Davies, directors of Lloyds a
Mr. Desmond Retd has resigned METAL BOX COMPANY OVER- Mr. N. E. Shaw, depnty manager, Scottish, have also been appoint
- chainruri and SEAS. He will continue 1 as export and Mr. P. G. Engtedow and Mr. to the Board of Arlington 3foi
K. BARREN sa ^ es manager, co-ordihatihg the C K Shaland, .assistant managers: Finance.
iiMmt sales
Mr. Charles Robinson
Mr. R. S. Hopper has retired as
a director of CHARRINGTON,
GARDNER, LOCKET AND CO.
...... k
of Mietal Box-s five UJC.
AHsforyOiT>mHM^kedyea^
Successful Iradhg.
South Africa and Great
Britain have been enjoying a
co
-is justifiably world-renowned.
It is important to note that
South African products are South African company law,
mparable in design and quality licensing laws, and patent laws ^
The ChxrSlyAixl Price Of
South Afrkcn Goods.
for well oven: two :hun<Ired years.
JudgingBy cutrentand predicted
market trends, these strong links
will go from strength to strength
over the coming years. ,
TheGxmgviqiFcxeOf
South African
■ to the best in the world. The
Southi African Bureau of
- Standards has laid down strict
quality controls that adhere
closely to those laid down by its'
, . British' counterpart, the British
Standards Institute.
There- are a number of
OS ' fhahmari
director of R.
J. L JACOBS (INSURANCE) .bui. M . MtlM - lriB4r ^
wffl remain chairman »nH manag- m ^ u f acturmg groups,
teg director of R. K. Harmon Sc. ■ ■ - • .
Co, the parent company of the **-■ B-.-.W. Tyennan, prewntly
Group! > managing director in charge of
Mr. Rolf Tbomen has been tiic Croaa Polymers Group, has
appointed chairman of R. K taen appointed to' the newly
Harrison, J. L Jacobs ( Insurance ) seated p ost o f chief executive,
and jtfr. George Dart deputy chair- CRODA INTERNATIONAL.
w«m Mr. Thoresen and Mr. Paul Mr. D. Jewsbmy : has'- been
Shanks have become joint manag- appointed to. the -Board, of Goda
ing directors and Mr. Jeremy International. He is the managing
. director of Croda premier OHsl.
★ r •
BIr. Albert Lawless has been
appointed head of the mechanical
processing -division .of -the'
SHIRLEY IN S TI TUTE . Mr. Law-
less Will join the Institute da
October 15. ' - , ' . .
' *•' '• ’. • ' .
Mr. B. Fisher, a partner in
Farrington Dennys Fisher, :
been elected - .chairman of . the
technical committee- of the
ASSOCIATION OF INDUSTRIAL-
ISED BUILDING COMPONENT
MANUFACTURERS.
k. .
Mr. John Marshall baa been
appointed genera l man ager mar-
keting of the BRITISH OXYGEN
COMPANY'S gases division.
, Mr. C. Douglas Woedwaril Lbis
been appointed assistant cHreetfir
of the FIRE PROTECTION ASSO-
CIATION from . December I. . For
the past nine years he has beaded
the FPA’s pobUcatlons and. .pub-
licity activities, which he ’will
continue to direct ' . - . t* ;
Mr. H.- t. BurhWge, prfevlorialy
managing director has . been
appointed chairman of H. BUR-
BIDGE & SON: . .
Mr. R. H. Burbldge and Mr.
D. L. . -BwfcMge become - joint
managing- director* of. the group.
Hr. X- P- D. JBaneex has .been
appointed a director of the-^oup.
• ‘
Mr. Stanley Gnnrl . has been
appointed manager, .correspondent
bank relations — -- Europe - in
Traditionally Great Bdiain 1 Jactqrs.contributang to the highly
1 110 ■ '"J. . . 1 m - . rt-rrianarl +■«
has regarded couch Africa • j; 1 .; v •
primarily as a supplier of raw ’ • v -‘
materials - with metals, minerals
and agricultural produce to did ■ ■ "
fore.
”What many people have .^>-
not yet realised is that the ever
growing^GQnsiam^er- society in.
v *.r . . 1 ■ *' ■' 1 a
British; importers'. The most .
;impO‘rtant- bemgthe -enormous
wealth of natural resources in the
^country; the availability of" a large,
u nskilled mobile labour force;
the sophisticated, Government*
run, internal transport network;
the increased utilisation of
advanced marketing knowledge;
consumen-orientated commerce. . aavancea mar™g Knowiea
-and the stability ofthe South
industry is booming and its gross' “ orioniy ’ Tile strong
product is.twicerii at of -agriculture MnKsoerween the Rand and the
and minipi ebmbihed/ - Pound also keep price fluctuations •
are all based on the British judicial
system, and are consequently
easily interpreted by British
companies.
hvesfmeiifhScx^
Capital investment in South
Africa yields one of the highest
returns in the world and is
another area well worth further *
.investigation. Foreign investors -
will enjoy very substantial
earnings ori their investment,
with unrestricted transfer of
profits to the country of origin.
There are numerous
opportunities to invest in some of
the largest projects in the country.
Capital expenditure for 1973 is
estimated at £2600 million
which will include £1400 million
state expenditure. *
HowTfeWffl Benefit
TTieBrifishBusaiessmon
SouthAfrica isno^inthe
position to dffer-a large variety -of
top qudity.manufactured goods
at highlycimpefirive prices.
Textil^clothingrlDbas^
hand tools Jiousehold durables, •
electrical gopds J ^nd;a hoi^df.
products are reaJuiy available to
British importers. And all the
goods are easily assimilated in.
and acceptable to the British
Furthermore, South Africa
is in a more than favourable
position to supply the British
market as far as delivery time is
concerned, a fact that should
carry a lot of weight with any
importer who has suffered late
delivery dates.
: down to a minimum.
Hofrlb^
If you want to find out .
more about the changing face of
South. African commerce, and
how its growing provyess in the
manufacturing world can benefit
The^lointVbnfure”
One of the largest potential
growth and profit areas for entree
pfeneurs in both countries is in . .
the ‘joint venture’ . manufacturing ■ Y business contact:
: - field. At this very moment there
are many instances where modern
South African concerns, built
very much with an eye to the
future, have production capacity
to spare.
Enterprising marketing and
production specialists have already
' got together to manufacture and
market on this highly profitable
basis where parts are produced in.
either country and exchanged for
finishing and local distribution. .
There is also spare capacity
in the semi-manufacture area, ■
particularly in the metal and ’
plastic fields where Soutlj* Africa ^Trading partners for over years
THE MINISTER (COMMERCIAL)
SOUTH AFRICAN EMBASSY,
‘ TRAFALGAR SQUARE,
. LONDON-WC2N 5DP
TELEPHONE 01*930 4486. - .
SOUTH
AFRICA
■* vsv
fesiHrarPwMwiis ?
INVOICE j t STATEMENT I
Wi* tW TAtq# EAS (Bednaic AcMWtag SprtMDj vm 1 an assured ttat nidi
ranira cnqitetriiiryror ^rartwwr's account and statemertara ap-ta-date.
SoW and Sjmpod by;
ADLER BUSINESS
COMPUTERS LTD
14&-154, Barotqfh ’
mgkStrart."
■ Londnot UK
T«LBI*4fl73l9) .■
Seftw on - ’
Stand. No. 177 . -
Business Efficiency
Exhibition
’SS
OMPUFTER8
BONUS OFFER!
Save £££’$
Against presentation of this
- advertisement and order placed
for an Adler TAIO/2 on oar Stand.
One Invoice programme WEE
Microfilm
tan solve
-at a very low price !
■™SSSSF:-:.T
ibr three yesata. It vviU cost youmohey if
you don’t. . . “ ... r '
Aiso, you’ll use files more: customers dnd
the touch of a button.
Also, you;}! use mes more : customers and ' Bo^Y^lodd^f4^V
aupphers will askyoufor copies tojshow their . overnightl- ^ UbUiveyour VA ipro
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their own. filing system is madeouate, • .1 • " . .
solution :incredTblyrast, compact,-",
economical and secuiefilin^. It copes with - -
VATasaconvEtetidhal'systomnevai'.coidA''
: -We can install a complete system ofa-. . v ■ ' : /
microfilm camera and a rtad^-printerior , ::
uader £1,100. This system wiH vastly reducethe-
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to Lixus documents andthe cost thatthis incurs. -
It works like this : the 3M 161 Microfilm : . : _
Camera filmsdocumentfl at & speed o£i per. • i
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small cartridges, each coni
. Wi^nare SteeL-London WlA 1ET.
I
Position^
Company-
Address_
21
Financial Tunes Tuesday October 2 1973
lie RIBA under scrutiny
By H. A. N. BROCKMAN, Architecture Correspondent
ustitute of British
id or its new presi-
B. Pooley, faces a
. The past year
adual steadying of
affairs, but the
scrip lion standstill
already due for
«d by expenditure
arther improving
detects and to the
.•any tag out long
• ne nance and i ra-
the headquarters
le RIBA Co uadi
October 3 to con-
and recommend a-
1008 committees.
? question is the
»y the Mon&polies
of restrictive
in the professions,
ipear to be the
' the Commission's
present and the
ice Board has
tinehtal architects to this great
cultural drive. Non-architect
members of the conference also
appeared to think that the
architectural profession's sole
work was to design modern
buildings.
Standards
Mr. P. B. Pooley, new president of the RIBA.
It seems, however, that with
all its budget limitations the
Institute may yet, with the help
of its regional branches, put on
a revealing show through
central and regional exhibitions
and examples. These can reveal
to visitors the growing concern
in this country for preserving
and conserving the physical
heritage of the past, and
ensuring that a satisfying
integration of modern buildings
with their neighbours of all
periods should be a ■principal
concern of architects.
This concern is to some
degree linked with the rela-
qualified personnel between
Britain and Commonwealth and
foreign countries outside
Europe. The admission xif
architects from these ' overseas
.. ^e blessing or outside consultants, is estimated reputation, and will also remind
to 11 uphold the £20,000. members of their resoonsibili-*
aiBA's fee scale", The RIBA headquarters build- JSp ““and
sts of the whole US is facing a much needed fabric of our surroundings." ■
reappraisal which concerns not -
only its maintenance (the lifts; TT
for Instance, are over 40 years HGriKlfff?
t old) but also the increase of ® •
space needed by its inter- The -Institute feels concern : , . „ . , .
joint to be made nationally famous library. An Dver the it is ft) play ®^eas is working well, but in
mission is that it anonymous donor' has already during European Architectural case 1116 ^ m ^ter
ise the intangible covenanted £5,000 per annum Heritage Year. - Preparations 13 vei Y different, for quaUfica-
J design by which over the next five vears were teunched by the U.K. f*ons 30 d practice vary greatly
article, srchitec- which has enabled the Institute Council last December, under between one European country
. environmentally to start essential works the presidency of Prince Philip, and another. It is hoped eventu-
Treater than the' immediately. At a conference in Zurich under ally to arrive at a common
ts. This abstract the auspices of the Council of recognition of standards of
dugh achieved _ Europe, the RIBA was repre- qualification, together with a
ly physical opera- LinrSITV sented by its -last president. Mr. European code of conduct, but
» isolated in cost ' **'*' J Alex Gordon. He reported a this will need protracted nego-
It is the profes- The library possesses .92,000 curious indifference by Con- Hattons.
Mint and cannot books and holds 850 current ■ .
in fact, yet it is periodicals. It has a staff of 14
hing to swallow at headquarters and three at
jse architectural its fine premises in Portman
indifferent and Square, which houses the
Drawings Collection. The Gov-
\ being bound up eminent is prepared to give
h a fragmented some help, but this cannot be
-j>le, disorganised forthcoming until after the
try will have a reorganisation of the new STRIKING OFF orders against The committee were unable to
.e Department of unified British Library is t"' 0 solicitors were made by the accept that Mr. Frith, genuinely
* Disciplinary Committee of the persuaded himself that he had
Two solicitors struck off
by Law Society
t*
t v Ci r%
Square, _
: - the MonopoDes £-for-£ basis by 1976. Mr. John Evelyn Stacey Bramr. All three have 14 days in which
rcco Sn^ on of A further move, which can 'of Farningbam. Kent. ' to enter notice of appeaL
’ vllf .nterest in the both increase the public’s know- Mr. sobell had been jailed and •
of “preserving ledge of architecture and fined for aiding and abetting an pj pviRf p nilfTIlVfS
t !•*■**»»««, * he Quality of stimulate the profession, is to' undischarged bankrupt in the * iMJLiinu
encourage the “signing" of , a on S 0mpany - EXTENDS PLANT
* scale, however, buildings by their architects.
was admitted in 1062.
.Mr. Bramer had been given a
•V ? <3 y wish, to pro- This is already permitted, suspended 12 months jail sentence Glasgow,
VI ■: Lfcfo- them to give subject to such “signature” and fined for indecency. He was £300.000 <
Flexible Ducting, of MOngavie.
has moved into a
extension to its factory-
service which a being applied to buildings with- admitted in 1852. the third addition to a building
■ would out ostentation and with letter- Another soiicitor, Mr. John opened a little over eight years
- s J™ 1 StJ ien ing not more than two inches R 0t j ne y R oa d, Cheltenham. GIos.. The latest unit provides 23,000
. has taken high. The idea is to change was ordered by the committee to square feet to be used largely for
o-ordinating the the code by substituting the be suspended from practice lor raw material storace and the pack-
" 'dies (six in all) word " should for the previous years. • ing and despatch of finished
n referred to the “ mav " The recommendation He vvas f ound to have falsely Roods. The total area of the
represented to a building society -factory is now almost S0.000
The cost of hy the Public Affairs Board can that he had personally attested square feet, three times that of
j case, to cover only do good to the Institutes signatures on property papers, the original.
Heard the one about the
machine tool company and
the German merger?
The Government threw
a spanner in the works.
The field of European mergers and acquisitions is
littered with the dead and wounded. To survive, and
to succeed a company needs not only good advice,
but experienced advice.
EIC Finandal.Services have the experience to give
the right advice to British business and industry seek-
ing to expand in Europe. We know the pitfalls, we
know the opportunities, we have the contacts.
And our service doesn't stop there. When you've
made the right decision, we'll work with you to ensure
that you have the right corporate and financial
structures to make it work.
So before you leap into Europe, or even if you've
landed there already, take a look at the experience and
services offered by EIC. Mail the coupon for our 1974
booklet on Europe, then let's talk.
^Mail to:
I Gerald Berclaz, EIC Financial Services, S. A.,
I Salisbury House, London Wall, London EC2M 5QQ.
I Elease send me your booklet on the
I opportunities for expansion in Europe.
I Name
1 Position in Company..
| Company Address —
I
l
l
FT2
EIC Financial Services, London, Brussels, Geneva.'*"-^ u
if*
m&m *>
joost your business
jy 50 per cent
5m
i% can st
I * * * - *3
... or 175,000 per cent
: ItdidforHertz.Tfaeir£30i000Londoncampaignranfi:ora‘
January to 7 March. And 90% of it was on Thames.
The Thames audience is 38% ABC1, and these were the people Hertz
'^‘antedtoreach.Theyreached them: .
; V Pre- and post-campaign research into awareness and attitudes among
Gls revealed .that 47% had seen the commercial, 45% said it would
uence their choice next time they rented a car, and 32% remembered the
ertz slogan, Tes is what we sayl
Spontaneous awareness of Hertz rose from 69% to 77%, prompted
wareness from 97% to 100%. The proportion of people who associated
ertz with fast service rose from 46% to 60%, and the percentage who saw
:ertz as a big, impersonal company fell from 28% to 22%.
All this, and bookings went up 50% in the first two weeks of the
impaign, then levelled off at about 20% up for the next four months.
The lasting effectiveness of this campaign has confirmed our belief
at television; even in a market as selective as ours, has the ability to reach
,e right people 5 said Hertz ad manager Ian Davis. 4 We’ll be using
leyisionagain.’
Wallis Supermarkets used television for the first time this year And
got some amazing results.
Thames made some good, low-cost commercials for them; and they
booked a six-week campaign of mixed peak and daytime spots. Total cost
about £25,000. . *
Immediately, their cut price offers started selling better Before the
limn J ..1 1 _ 1» M AAA/ .
examples of what happened:
By the second week of the campaign- sales of Dale Farm Yogurt had
risen by 590%. Sunsilk Hair Spray by 3,650%. Peek Freans Shortcake by
8,900%. And Buxted Stuffed Chicken by an incredible 175,000%.
What’s more, each time they opened a new outlet, Wallis found that
television helped build custom much quicker than with normal promotional
That’s why Wallis were back on Thames this summer with an even
bigger campaign, and have plans for agiant winter promotion too -
-on Thames. ^
Thames Teicyfcion, 306-516 Eustori Road. London N\Vl 3BB. 01-337 9494
Thames Tderision would like to thank Hertz and WaTUs Supennarkets . .
lor their cooperation m preparing. thia television successstoiy.
• if it's setyou wondering what television might do for yoa, get in touch with Thames or send for a copy of our success story booklet
22
)
TThe Financial Times Tuesday October -2 1973
appointments
in NAIM RIUNCtU APPOMTMENIS
CANADA
Our client is an Eastern Canadian Oil Company. It is highly
profitable and its growth is continuing. They require two outstand-
ing chartered accountants for the following positions :
FINANCIAL MANAGER
His responsibilities will be fund raising and the legal and
fiscal aspects of operating internationally. He must have
a record of high attainment and his financial and fiscal
experience will have been required within a bank, institu-
tion, professional partnership or industry. Ref. 640/FT.
COMPTROLLER
He will be responsible for a large staff whose activities
include group consolidation, financial controls, budgets ;
and cash forecasting, financial reporting and profit planning.
Candidates must have had outstanding experience in this
area. Ref. 639/FT.
Salaries for both positions are excellent and negotiable.The preferred
age range is 30-40.
Please write, in confidence, quoting the particular reference number to: —
W, L. Tait,
Touche Ross & Co.,
Management Consultants,
27 Chancery Lane, London WC2A INF
Tel: 01 -242 9451
Manufacturing
London
Up to £5,000 p.a.
To meet the needs of the next phase
in the Company's established pattern
of continuing growth. Rank Xerox
wants to recruit two men to carry out
Manufacturing Analysis in its Central
Staff financial analysis activity.
These- important appointments are
required for the further, develop merit
and integration of information, analy-
sis- and control systems with specific
reference to the fast expending,
international manufacturing environ-
ment. There win be some visits to
operating locations, both within UK
and Europe.
Candidates, preferably aged between
25-29. should have a business
degree .or .RCMA, but the vital
pre- requisite is previous exposure to
advanced, »ntegrated management,
eccountaocy in; ah intensive manu-
facturing. environment. These ap~.
poimments, thbrefore/ will appeal to
tfiose who see a/staff position as part _
, -of a Ipgfcal progression in their career
development before moving into line
- manwemerit' - .
Appfications /will be dealt with in
. strictest confidence and should be
made to: C. G. Moores, Manager
1HQ Re crui tment, Rank Xerox
Limited, 338 £uston Road. London
N.W.1.
RANK XEROX
C
DP EXPERTS
Soyou think you know
Data Processing elnswbfid
Well, here’s another angle on Data Processing:
Your DP expertise could equip you for a new career
asa member of IBM’s Finance Data Centre
Marketing Team.
Finance Data Centre consists of an advanced
processing installation backed by a storehouse of
software and knowhow. You’ II be introducing these
facilities to both computerised and non- computer-
ised customers in the Finance industries, who have
data processing problems that IBM can solve: either
from the ‘raw’ information stage or via the
customer’s terminal linked into the CPU. In addition'
you could become involved in exciting new projects
assisting computerised clients on applications that
require more powerful programming and systems
expertise.
Obviously it’s work that requires a solid DP
background plusa flair for communication. In
addition you'll need thefleabllity to’adapttoa wide
variety of situations; the confidence to negotiate at
top level; and the real drive and enthusiasm that a '
dynamic marketing environmentwill demand of you.
Knowledge of the Finance industry would be useful,
but I BM's training resources are ready to train you
fully for the job.
You’ll enjoya really substantial salaiy with
career opportunities to match, and the challenge of
involving yourself in advanced innovative projects
in the buoyant money business.
Write now with details of career to date to ;
Mike Harrison, IBM United Kingdom Limited,
389 Chiswick High Road, . m
London W44AL iKlM
quoting reference:-FT/91566 . A A0 JYfli
ASSISTANT
COMPANY
SECRETARY
The Company Secretary of a large London based Group
requires an assistant. The need is for a Chartered Secretary
with several years experience with large companies to help
in all aspects of secretarial duties and administration,
including pension fund management, associated with a large
organisation.
The role calls for an ability to work in harmony with a
select team as well as on his own initiative.
The post wlH appeal to a person wanting an interesting job
with scope for career development.
Salary negotiable around £3,500.
AppJfefltfom ra:
Box L220, WALTER JUDO LIMITED,
ffncorparoted PrcicMortcri in Advertizing
la. Bow Lane,. London, EC4M 9EJ
□ DIRECTOR
TREASURER’S OFFICE - EUROPE
Litton Industries, with extensive operations throughout Europe wishes
to appoint an international financial executive to take charge of its
European Treasurer’s Office, located in Zurich.
This corporate staff position requires an able and dynamic professional
with a thorough understanding of, and substantial experience in, the
areas of:
International cash management
Foreign exchange and money markets
Capital markets
9 Cross-border and trade-related financing techniques
The successful candidate will have a proven record of achievement
preferably combining banking -with corporate financial experience in
both Europe and the U.S.A.
In addition to his language capability' (fluent English and German
required), he will have demonstrated effective negotiating and com-
municating skills.
The responsibilities of this position involve close contact with U.S.
corporate headquarters, senior operations management and the Euro-
pean financial community.
Please write in complete confidence, -with resume, earnings record and
references to: Mr. Thomas H. Emch, Litton International SA, Gubel-
strasse 2S, CH-8050 Zurich, Switzerland.
MANAGER.
CXSRPORATE PLANNING
—to assist die Chief Executive' of a large
Group —with world wide activities— with die
task of planning die consistent future profitable
growth of the Group. Reporting to and working
directly with the Chief Executive.
QUALIFICATIONS: First degre e should have
been in an appropriate discipline derived from
econontfcs. Postgraduate Business School ■
education cither in USA or in UK is desirable.
PREVIOUS EXPERIENCE; of corporate
plannin g principles and methods of
multi-product — multi -regional Corporate
environment is required. Knowledge and
experience of advanced numerate based *
management disciplines is essential. Ability to
co m municate with all levels m
is important
PREFERRED AGE: in the 28/34 age group.
M i n imum starring salary £6,000 pju plus.
„ car with usual benefits: Location
Please write briefy to PA Aduatrong fijr an
oppUcatumform, quoting ref:C2759on the
envelope. .
PA ADVERTISING LIMITED,
2 Albert Gate, London SW1X 7JU. Tel: 01-235 6060
Share
Registration
STARTING SALARY
UP TO
£2,500 p.a.
PROSPECTS
Due to. continued expansion we offer an except i onal opportunity .
for joining a fast growing Company based in Bedtetiham, Kent.
COMPANY " . _
We already serve 200 companies with nN.riy_.one million share-
holders and' future prospects necessitate the extension and
development of our Management and 'staff.
REQUIREMENTS
Experience of Share Registration, -New Issties or other Stock
Exchange work involving the control' Of staff:- '■ " -
BENEFITS ,
First class Pension an<-. Life- Aasurancsr Scheme^ Luncheon'
Vouchers. Hours V.00 a-m. to 5.00 p.m. Modem offices -near . •
to Clock House and Kent House Stations', flih rant* TTY - •
ACTION *
Please write giving brief details'. ‘of your career to- date,-,
including present salary_i»: . . "
Mrs. C. M. Ciill, Company Personnel Officer,
RAVENSBOURNE REGISTRATION SERVICES UMfTBV
Bourhe Home, .34 Beckenham Road, Bectenharri, BR3 4TU. r -
.01-4511 4866 . 1
Chief
Executive
MARKETING
• tuts is an opportunity to. run a new marketing com-
part. It U being set up by an established Cits' group tor
the marketing of specialised capital goods and engineer-
ing products manufactured by the group’s subsidiaries.
The new company will also be a vehicle for buying and
selling technical equipment on an international basis.
• entrepreneurial drill is high in the list of require-
ments. A broad technical comprehension, a degree or a
formal engineering qualification, fluency in two or
more languages, and experience in rnntnict negotiations;
could all be important assets. But most important »
the ability to operate an effective ' marketing strategy
for technically complex products, and to secure the
cooperation of the sales organisation within the group. .
s.m ary initially will be around ^7,000 and could be
more for spcdallv relevant expertise. There is scope to
11 1 * ’ "rural V -
increase remuneration quickly. Age is not critical but
35 to 40 is preferred.
Write in complete confidence
to P. G. Oates as adviser to the group.
TYZACK & PARTNERS
LIMITED
IO HALL AM STREET- LONDON’ WIN GOJ
BUSINESS
DEVELOPMENT
• this is a new and challenging career appointment
with the London branch of a major international bank
which has been established, for many years in the City.
* THE role is to assist in extending the bank’s business
by selling its. services to multi-national companies;
based or having operations in the United Kingdom.
The services to be sold include short and medium term
lending, both sterling and multi-currency, foreign,
exchange, cash ma n a g ement: advice and the facilities
offered by die bank’s worldwide network.
• ability in. financial analysis,' a feel for the. market
place and a measure of relevant experience arc -the
.essential requirements. Such experience could have
been acquired with a batik or a firm of chartered
accountants or in. a finance-orientated .position/ in
stockbroking or commerce.
• startin c-salary is for discussion. It could be £5,000
or more and could escalate rapidly with promotion.
Fringe benefits include profit sharing. Age probably
around. 30- There arc also opportunities for men at the
spirting, point of their post graduate or professional
direct
■Write in .complete confidence
to Sir Peter Y ouens as adviser to die bank
BAM OF AMERICA IS SEEKMG
EXPERIENCED CREDIT OR ADMINISTRATION
OFFICERS FOR ITS MANCHESTER BRANCH AND
OTHER U.Ki "BRANCHES. - -
The following qualifications are essential: —
3.
5-10 years banking experience.
To have reached a position of approxiniate
managerial status. .
Potential to assume • high level ' managerial
responsibility when opportunity, arises. "
Dependent , upon availability of positions, the Bank
also provides opportunities for overseas assignments
based on experience and qualifications.
Please write with full details and present -salary" to:—
TIlO BsTiami* T) n -D u Ann '.»» .
zz zz~ Auu ui eseirt salary IO;— —
The Manager, P.Q. Box 309, 10. Marsden Street,
Manchester, M60 2BA. ’
TYZACK & PARTNERS
LIMITED" ... . . .
IO HAXLAM STREET - LONDON ’WIN fipj
THE PAINLESS WAY
TO FIND r A SENIOR SECRETARY
I* WUI nmmM . D A C .... . r. \ . ‘ ’ .
-i ■
- -a -
- ui
.'"‘■0ur cSa»r,a leadmg UK merchant banfc, is seeking.
: top calibre extturiye to assist irr further
V developing its 5Cljvhv>r> in Scotland. He will be
MSpoasittefor ruBoihtr an cfficsin Glasgow-, and
‘ will bf maintain dose Uiiron with all
departments ini die London Held Office. But the
win wn pitMk v,m be on general business^
dewtopmcrautor ifae full .range ot the bank's
r ApjrfkanW. should have a good record in industry,
.b ttuLtos y onCofilbi? professions, toough the
. exact bacfcgroond is less anporram than energy,
- en ter pi. i sc and application. No fixed age range is
specified tfKmghihe preference k for .someone
aged 30*45. A good know-ledge of and
contact* ifi Scottish industry arc desirable.
The post bfieri a challenging opportunity in a
■ senior appofattnenr. and this wall be. fully reflected
in the salary and fringe benefits offered.
Apply "in confidence tor
John Kavanagh, _
Position Xo. 725, .. . '
Inland -Secruiunent Adyemains Liroired,
Bridge House,
.65 Nonh'TOiarfRcad;
Ijondon xLA,
listing any companies to
whom your application. :
- phn»»lrf not be forwarded.
5f
Antony Gibbs &=Skms,LtcL
V
Antony Gibbs & Sons, Ltd. require a
Regional Manager for an office of the
Bank beiiig opened in Bristol. Commercial
banking experience and extensive business
contacts in the Bristol arca are easontiaL
The^ Manager win spend an initial
period in London to acquaint himself
with the full range of the Group's
commercial hanking, corporate fina nee,
investment management and personal
financial advisory services.
• Terras and conditions of employment
are extremely attractive, and will include
a fully competitive' salary, mortgage
assistance, a company car, and
contributory pension scheme with free
life assurance, and personal accident cover.
Please write in confidence, with. full
details of career Xo date, including salary
pro g resskm^tp the Secretary. Antony Gibbs
& Sons Lt(L, 23 Blamfield Street, London
ECZM7NL.
J
-• • ' ' ' ** '• ■ 1 * *
; - T >=.• ;• ■
t.
Brawn Harri man & f nteniaticMud Baht
has an immediate vacancy for an 0peri ww .
and Systems Manager, to be responsiyalbr,-
the accounting systems, including audits*- : ..
And technical operations of the Baijk. The i'V
right applicant will have -l^id wide experience
brail aspects of banking operations and have
proven ability to appro^h-problems with
initiative and imagination.^ " I -
Salary will be negotiable according to'age
and experience and there are good prospects
in an organisation with a growing business.
■Benefits are excellent
Apply in writing tof— ...
P. G. Vance; Managing Director,
Brown H am man & International Banks Ltd.,
41 EaStafteapr London, EC3M 1HX.
His
inent
sii be j
little
■3R
iiUSiVC
-5
i
- - • . . : --w « vmwaiuu a . 1 m. ■ . .
l A 9tlcr *^2L a, 9 t l lwUb ■* f,e ‘ lWWT Wckjiwmd W'WmicuiSn,
W i-k Sh * t m yo l ir w * * mo ** t » 4fficjency, thw' iron also ne«rf «. IttfK
oiibri service to interview ,nd sharttia; *ppjK 4 na..f O r ^ 0 .
Pleas a ring Nicola Mackenzie on £79 57-47. -the ’ : r
SPECIAL APPOINTMENTS 'DIVISION of ADWnture,
FINANCIAL
JOURNALIST
International department df
investment joumif requires
financial journalist or would-be
financial Journalist with .good-
knowledge of German, Invest-;
ment and/or journalism. 'experi-
ence- an advantage but newly
qualified graduate considered:
Not a nine-to-five job; frequent
travel opportunities. Write Box
T J2470, financial Times, • .10,,
Cannokr .-Street. EG4P- 4BY. ~ .
EXPERIENCED OIL
' SALES/PURCHASE
. . NEGOTIATOR :
required for expanding; - oil-
and tanker- broking company.
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The Financial Times Tuesday October 2 1973
23
The Executive’s World
EDITED BY
JOHN TRAFFORD
v 1 Doina Thomas, recently in Sweden, describes some experiments in_ industrial democracy
^ How the workers are
ON April 1 this year it became
mandatory for all Swedish
limited companies employing
more than. 100 people to take two
worker representatives . on to
their Boards. And these were
to come from the shop floor
rather than from the professional
union hierarchs.
This could have posed a
dilemma for the Swedish co-
operative movement, which by
its very constitution should be
m the forefront in all matters
of industrial democracy. It Is.
-nke our own Co-operative move-
ments. democratically run
though not democratically man-
aged. It is anti-capitalist in the
conventional sense and therefore
not a limited company.
But the leading Swedish indus-
trial co-operative society, the
Kooperativa Forbundet iKF — an
amalgam of our own co-opera-
tive union and co-operative
wholesale society), decided that
.it would take four workers on
to its mam Board of directors.
It 'also decided to encourage
further forms of industrial
democracy in one of its sub-
sidiaries. the fork lift and hand
pallet truck maker. BT in the
small Swedish town of Mjfllby.
M It is really expected of a co-
operative company that it
should be a little more adven-
turous in this field,*' comments
Karl-Erie Andersson, the general
manager of BT. Works councils
have been mandatory in Sweden
for many years now but BT has
added four new tools to the basic
instrument of management-
labour relations. Three of these
generated themselves but the
fourth — a unique innovation
even in Sweden — was the result
of a specific request by the KF
directors on the BT hoard for a
two-year experiment.
This last is probably of most
interest to British management
for it touches the very power-
house of management — a
detailed knowledge of the com-
pany's financial position. Some
six months ago it was decided
that the three local BT unions —
the metal workers, the clerical
workers and the supervisory
workers— should be allowed to
select a local auditor who would
go through the company's books
on their behalf and explain the
figures, and more importantly
the implications of the figures,
to the workers.
“The assumption has always
been that the shop floor would
not understand." comments
Andersson but this was dis-
EMPLOYEE BENEFITS
Testing parts of BTs products; fork lift and hand pallet trucks.
proved at the first works council
meeting at whicb the figures were
discussed. Firstly the financial
director explains and illustrates
the company’s position, then the
union-selected auditor adds his
bit and a general discussion on
the figures is started. Forecasts
and investment policy are ex-
plained and discussed.
“The explanation of the
figures by our auditor was very
clear," said the BT metal
worker's shop steward. “ I think
many of the workers felt safer
actually knowing the current
position." In fact one worker
who left to join another local
firm returned to Mjolby. citing
security through knowledge as
one of his reasons. There is a
group of people at KF, includ-
ing union representatives, closely
watching this experiment, and a
report is expected after two
years.
Co-operation
experiments
Though BT is encouraged in
its worker-management co-
operation experiments by its
parent KF, which bought the
company in 1946, there are
economic factors at play too and
these are freely admitted to have
a strong influence on current
management thinking
Sweden is a highlv indus-
trialised, sophisticated society.
In the years 1969/70 when the
Swedish economy was not in
good condition, labour turnover
at BT reached the unusual
height of 40 per cent
Now, partly as a result of the
other innovations in manage-
ment-labour consultation, turn-
over is down to a less costly,
10 to 15 per cent. “We have
always tried to have contact with
the workers through the worka
council," says Andersson but it
was never wholly satisfactory. So
six months ago the top five
managers of BT were joined by
three union representatives one
from each of the three unions at
the weekly meetings.
This group discusses every-
thing and anything but in broad
terms of principle. The workers'
representatives are given a
closer insight into the present
condition of the firm, its econo-
mic problems and probable
future actions. " Matters of
detail are discussed la smaller
groups further down the man-
agement line," Andersson points
out, adding that he does not
believe that these meetings
unduly hinder the speed of
managerial decisions (which is
anyway never as fast as its anti-
union involvement supporters
would like to think).
There are two of the smaller
subcommittees, one concerned
with production and one with
personnel matters with again, ad
hoc committees set up for' special
projects such as the recent com-
pletion of an extension to the
factory. These have both been
going since 1970 and both have
material achievements lo show
for their existence.
The production committee
consists of those managers in-
volved in production — only two
—and the usual three union re-
presentatives. “U was felt,
necessary to let labour have a
say in their conditions of work
and ways of working," com-
ments Andersson. This last pre-
occupied the committee in its
early meetings but it is now also
discussing the types of machi-
nery the company will buy. The
committee to supervise the build-
ing and layout of the factory
extension was an offspring, now
defunct, of this particular sub-
committee.
Two-shift
working
One of the most important
achievements of the personnel
committee was to- reach an agree-
ment on the manner of two shift
working. The questions con-
sidered by the committee mostly
concerned employment and
redundancy policy which slightly
overlaps with the functions of
the works council. Again on
this committee the union mem-
bers outweighed the two man-
agement representatives (the
general personnel manager and
the factoiy personnel man). The
interesting fact about both these
committees is that anything con-
crete that emerges is agreed by
both sides before being pre-
sented to the executive manage-
ment committee.
The two-shifr system devised
leaves the factory men being
paid for 40 hours a week but
actually working 37* with every
second Friday free. It works
by ma£<ng the early shift shorter
than the later shift, with a sliem
overlap between the two. The
second longer ' shift is only run
four days a week and this does
not appear to affect output at alL
However, ah this union-man-
agement contact is very well but
the information gained by the
few still has to be passed on
to the majority. This is mostly
done by union meetings, held
in members’ free time “ so that
we know they really want to
come ” when their elected repre-
sentatives explain what has been
going on The factory super-
visors are also, by law.- supposed
to hold meetings twice yearly,
at which grievances can be
aired, and sometimes these meet-
ings are ■ even held quarterly.
However, the best Form of com-
munication is sliii un a man-tu-
man basis though, strangely
enough, neltbet workers nor
management outside BT seem to
understand what is going on.
“They just cannot appreciate
the atmosphere," says the metal
worker, “ we have' got so much
better at . communication with
practice.”
It is the feeling of influence
over events, even If only slight,
that gives the present workers
of BT greater job satisfaction
and job security. And this
influence has shown -itself in
small ways- too. There is now
a full-time union man with an
office in the management block
paid by the management for the
workers to talk to If they do not
wish to approach management
direct.
“ I think some of the most
useful things have been achieved
in an informal way,” comments
the union man. Suggestions such
as recruitment from inside for
new jobs— which came from the
clerical workers' union — were
taken up in this way. The per-
sonnel committee came up with
the idea of regular medical
checks for the over fifties and
has also persuaded the company
to pay S.Kr.60 .a head a vear to
a union fund whicb will be
spent on holding the inter-unions
communication meetings.
Tbe only problem now. it
would seem, is how. to police
all these bright suggestions that
have -been put into operation
and bow to maintain enthusiasm.
Andersson says he will cope witb
that when he comes to it
can be cut
• BY DRYDEN G I LUNG- SMITH
His
Eminence
can be a
little
elusive
Management ideas from abroad
These summaries are con-
densed from the - abstracting
journals published by Anbar
Management Services. Readers
wishing to consult original texts
should mite to P.O. Box 23.
W emb ley. HA9 SDJ (telex
935779) or to the individual
magazines.
reports, and (4) on-request
are i!
history reports. These are illus-
trated and described, with
emphasis on the flexibility built
into the system (for example,
recipients can nominate scope,
exception limits, and in some
cases headings of reports).
price and greater value by the Addn-ssw:
poor. (2) reasoning that personal
choice among a proliferation of
products is a thing of aesthetic
and cultural importance (“where
there is choice there is value
Daismanon: 35 Mason Street. Greenwich.
Cotim-ctlciiT ussjn
European busuinw. 28 boulevard Raspall.
Paris 7. France.
EMPLOYEE pensions are an im-
portant cost centre . for U.K.
companies. The 1973 Social
Security Act will certainly make
them more so.
In many companies the annual
pensions budget is between 10
and 20 per cent, of payroll costs.
In labour intensive Industries
this may exceed total distributed
profits. Any improvement . in
the management of a company’s '
pension finances can mean a sub-
stantial saving in costs.
Of course, suitable benefits are
needed to attract and motivate
the right sort of staff. Pensions
differ from wages and salaries
in that much of the cost occurs
in the ■' future so that tbe
employer has greater freedom
to decide how' and when he .
should meet, his liabilities.
Three factors affect the
employer's decision :
(1) Tbe yield (Income plus
capital appreciation) of the
funds invested.
(2) The timing of payments
into the fund— the actuary can •
advise on this.
(3) ■ The charges incurred in
managing the investments
(determining entitlements, main-
taining records, obtaining Inland
Revenue approval and proving
valuations). . "
These points need to be
reviewed regularly. As company
pension plans expand and change
their shape, new working
methods become worthwhile. For
example in companies where the
total contribution income is
below a certain level details of
employees’ ages, salaries and
service are usually handled by
an insurance company which
calculates the pensions and
maintains the records. The cost
is . usually included in the
pension premium rates but ip
the more sophisticated funds it
may be shown separately so that
the employer only pays if he
uses the service.
As a scheme grows, an
employer may decide to develop
his own record-keeping system.
If he has a computerised pay-
roll he can extend it to includp
pension records. This will yield
cost savings and has ' the
advantage of providing pension
data for . any employee
immediately.
One of the factors affecting the
final cost to the employer Is the
skill with which the pension fund
is invested. In a. recent address
to the European Social Security
Association George Ross Goobey,
President of. the National Asso-
ciation of Pension Funds, quoted
the current figures . of the
Imperial Group Fund, which can
boast a very Impressive invest-
ment performance since the war..
The group's most .recent pension
fund accounts show employees as
contributing' £t.2nu the em-
ployer £1 fiat, and the Investment
income £8 6m.
Few funds have such ' a far-
sighted investment- manager,
able to switch at the right time
from gilts to. equities, to
property and back to gilts. Many
rely on the advice of outside
advisers.
There are big differences in
the performances -of different
funds. These differences should
be scrutinised regularly by top
management and not just by the
pensions specialists.
. - A difference of 1 per : cent in
the yield of 'the fund will in the
view of many actuaries enable a
company to achieve a 15 per cent,
improvement in - benefits at no
additional cost - or. to achieve a
15 per cent, reduction in its; pen-
sions costs. In one particular
scheme with an. annual contribu-
tion of approximately £200.000
and relatively small fund In-
vested from pa stenritri buttons,
an improvement of 1. per cent,
in* the- yield would save £60,000
over five years.'
The charges levied for invest^
ment management.
valuations and administrative
services must be looked at
in tolo. To them should be
added the internal administra-
tive costs which vary according
to the amount of work sun-
contracted.
The - charges vary greatly.
In vestment charges alone on
managed Funds offered by a
number of leading insurance
companies can differ by £40.000
over five-year periods in a fund
when the contribution income
was about £200.000. increasing
annually at 10 per cent-'
Unrealistic
Comparison
But can an employer compare
the performance ’ of" his own
fund with that of others over
a five-year period? What yard-
stick should he use to -assess
the performance? Until recently
there has been little interest in
developing ■ satisfactory perform-
ance criteria. One of the most
useful mechanisms developed
has befen the nnitised pensions
managed fund. _ If the net
amount available for investment
each -year is used to buy
accumulator units in a managed
fund, then one can compare the
changes in unit values over a
given period. This -system has
the advantage of bringing cur-
rent interest income, capital
appreciation and the Investor’s
efficiency in reclaiming all tax
immediately (rather than wait-
ing until the end of the year)
all into reckoning in one single
calculation — the price of the
trait.. • " :•
Even when pension funds are
well managed and investment
charges are low, a company may
time its payments badly or think
that It cannot finance Improve-
ments because the actuarial
assessment (used to determine
tbe employers’ contribution)
may be based on unrealistic,
yield assumptions. Some
actuaries will ask the investment
manager to estimate the yield
he expects over the next five
years. He will then use these
as the basis of his valuation.
Other actuaries consider it their
prerogative to decide the
fnferes' rate. Same prefer
deliberately to work on a low
rate so as to give the employer
a pleasant surprise From time to
time by declaring an
“unexpected" surplus.
In a well-run company the
actuarial reports on the pension
fund • should . enable senior
management to co-ordinate
pensions costs with other costs.
It is usually possible to lower
employers' contributions when
the company k borrowing
heavily to covpr a major cipital
expenditure 'and then to iTvrease
the contribution rate when a
new plant comes in -’ream and
jacks up the cakh flow*
These matters are all oart nf
a company’s normal management
tasks and are nor 5«meth nt: *n
be ieft only to the ppn«:nr«
department. Many companies
are liketv to make hie chances to
their pension, plans between
now and 1975 when the Govern-
ment's new pension arrange-
ments come into effect.. Better
financial management of -he
employee benefits will either
boost o roflts or increase Lhe
^benefits provided. .
Journal or Advertising Research. 3. East
31th Stiver. New York. N.Y. 10032.
EQUITY FUNDING
SUPERVISORY BOARDS IN
THE NETHERLANDS
THE OBSTACLE COURSE FOR
EUROPEAN
TRANSNATIONALS
Th** Conference Board Record. S45 Third
Avenue. New Yorfc, N.Y. 10032.
rile Australian Accountant. 49 exhibition
Street. MeOtonroe. 3000 Australia.
R. A. McLaughlin in Datamation
(USA), June 73: p.SS (3 pages,
illus.)
Dr Accountant. Menstnge 2. Amaterdam-
1011. Netherlands.
We won't pretend it's easy
to find a bottle of Dela force
His Eminence's Choice.
This superb old Tawny Port
has a habit of finding its way
' into only the most exclusive
restaurants, the most reputable
wine-stores.
So whether you consider it
worthwhile to persevere in
your search for His Eminence
largely depends on how easily
you're satisfied.You can settle
for one of the many cheaper
Ports, or you can make your
choice His Eminence's— one of
the select few.
O.Vogelenzang in De Accoun-
tant ( Netherlands ). May 1973:
Subtitled “Everyone is pointing MJijJ 36 ^iShiS*
at the Computer." the technology
editor describes what is now K ha f
known about the part played by tlle obligation to have
the computer installation in the
Equity Funding scandal fin 9 f companies, this
which 34.000 real insurance g**' r T ?'\ ^ im ? 1,catl i ,DS '
policies were joined by some 5?“,j , c S an8er K of P° lar ' sa ^. on '
63,000 that just existed “on “embers representing
tape”) a sectl0n al interest; provides a
^ ' list of desirable qualities/quali-
fications for SB membership.
JOINT VENTURES— HAND-
SHAKE OR HEADACHE?
R. Mazzotini in The Columbia
Journal of World Business
(USA), Spring 1973: 53 pages
(8 pages charts). Accepts that
there are major difficulties pre-
venting integration between
European companies, but
describes seven hybrid solutions
falling short of full mergers
where have been used; concludes
that the effect of the legal and
taxation restrictions has been
exaggerated and that these need
not seriously impair operating
effectiveness.
Buemcjs Horizons. Graduate School of
Business. Indiana Unfvenmy. Blooming-
ton. Indiana 47401.
Ttir Columbia Journal of World Bosluess-
4 OS lin* Hall New York. NY. 10027
Harvard Business Review. 108 UHb
Street. Du Moines. Iowa. 3B395.
EUROPEAN
MERGERS —
BY GOYERN-
L. T. Wells in European Business AMBUSHED
(France), Summer 73: p.73 (7 MENTS
pages)
Explores reasons behind the „ . . . „ _ .
choices of U.S. firms to eater. R- Mazzohm in Europeau Busi-
EUROC BREAKS
EMPLOYEE SILENCE
ON October 1 the British
Institute of Management joined
Antoar’s advisory team which
helps select suitable publications
for abstracting. Later this month
Anbar is to publish the first issup
of Work' Study + O and M
Abstracts. .This, like the other
Anbar journals, will be published
eight' times a year.
or avoid, joint ventures with “ ess ‘France). Summer 1973:
European partners; and, from a < 10 P a e es >- Contends
survey of individual U.S. multi- ®at EEC governments, while offi-
national firms, examines how the fostering the creation of
nature of the parent company European business firms, are
influences its attitude to joint actively intervening against
venturing, and its perceived trans-national mergers; examines
marketing advantages and draw- typical obstacles, explores the
backs. Looks, conversely, at the motives for them ( particularly
attitudes of European firms to France), and offers a sugges-
joint venturing in the U.S. t,on for managements wishing to
market pursue an international concen-
tration strategy. (See also FT
89).
PRODUCT OR INDUSTRIAL
ADVERTISEMENTS?
THE EMERGING NEW PRO-
SI. A. Lehman and N. R. Cardozo DUCT DEVELOPMENT INDUS-
jn Journal of Advertising TRY
Research (USAJ, Apr 73: p.43
(4 pages, tables)
If a seller is unknown, should
u a M jouiiju E. SI. Tauber in Business Hori-
he advertise himself or his pro- ???* Ap , ril pa S« 5
duct? A survey showed that „ Lo P k *, at ^ cur ™ nt
institutional advertising is more towards new product
effective than product advertis- companies generally offshoots of
ins, especially for products with advertising agencies, and supply,
a low risk attached to them. 3 range of services from new-
Ideas generation to final test
marketing — to supplement the
N. Fey In European Business
(France. Summer 73: p. 20 (6
pages, table) Outlines the intro
duction of a a education-based
management/employee com-
munications programme by
Euroc Industri (tbe Swedish
building materials and ceramics
firm), and describes bow it was
initiated through depth inter-
views with employees: these
were subsequently published,
together with company policy-
papers. and distributed to
employee*. Press, trade unions,
and in-plant study groups. Dis
cusses the feedback of opinions
and suggestions, the creation
and functions of works councils,
and the increased profitability
seen to stem from the improved
communications.
PLIGHT OF THE EDP
MANAGER
MANAGEMENT
TION SYSTEMS
INFORMA- efforts of in-company innovation
and new product development:
how they work, main areas of
S. J. PoKempner in The Con- application, benefits — and dif-
ference Board Record (USA). Acuities — of using lbem.
May 73: p.49 (6 pages!
Argues that the total computer-
MANAGERS
Hs Eminences Ounce. yfi\
oneofa rangp of Ddaforccftxts . ■ ,
anported byCdanan anJGanpmy
based MIS is a pipe-dream and MOTIVATING
that managements have taken WITH MONEY
the pragmatic approach of con-
cen (ratine on functional sub- .. „ . _ .
systems— and even sub-sub-
systems serving individual com- Horizon* jIjSA). April 1973. J7
p'onents of these functional areas. P a 5 ps pages tables). Sug^usts
Examines three principal levels a management compensation pro-
of information system, the gramme to link performance
attributes of a true MIS. and how with rewards, on the basis of
its design should reflect its definable performance rather
ability to handle structured and than attitudes or personality
unstructured questions and prob- traits; gives examples of per-
lems, and to fulfil different formance criteria and their rela-
Information needs. Surveys the tionship to annual salary value,
outlook for MIS development and to arrive at a “ performance
the range of opportunities avail- base salary,” and discusses the
able. place of incentive bonuses; offers
guidelines for programme imp le-
ft. L. Nolan in Harvard Business
Review (USA). May /.Tune 73:
p. 143 1 10 pages, charts)
Explores the job insecurity of
the U.S. EDP manager, and the
pitfalls and obstacles he has to
face: traces the origins and
development of his job, looks at
the top management''! response
biiity for his guidance and
managerial development, and
deplores the tendency to treai
him ns a scapegoat for system
non-success. Discusses the need
for proper definition of his
responsibilities, and Fnr sensible
performance criteria: gives
examples of his role as an agent
of organisational chance.
COST EFFECTIVENESS IN
THE PERSONNEL FUNCTION
MANAGEMENT OF
TENANCE COSTS
MAIN- mentation.
H. M. Tweedale In Tbe
Australian Accountant i Austra-
lia), June 1973-. p. 274 (5 pages.
WHY NEW PRODUCTS FAIL
W. T. Moran in Journal of
ISS^r^SX *on K The Advertising Research (USA),
operation of a “Plant Informa- April 1973. pages 19 paces
tion Management System." deve- diagrams). Argues against social
loped by 1CI Australia Ltd., and. reformers of uie marketing con-
providing four types of output; "cept by (l; quoting instances
(1) weekly engineering reports, where new products have
(2) weekly accounting reports, allowed older and more staple
(3) capital project control products to be bougbt at lower
L. M. Cheek in Harvard Business
Review (USA). May/ June 73: p.
96 (10 pages, illus.)
Describes a framework for
continuously allocating the staff
resources of the personnel func-
tion to the most worth- while-
undertakincs in terms . of
productivity and profit contribu-
tion: describes bnw specific
programmes and tbeir legal
requircmenis are defined, how
feasibility is evaluated, and how
resources are allocated and
deployed. The system as
described is used by Xerox
Corporation.
JOIN
other
SENIOR
EXECUTIVES
for three weeks in
MANCHESTER
and
BRUSSELS
and add Co your
knowledge and skills
In modern, effective,
international
management
For details of
SENIOR EXECUTIVE .
COURSES 13 and 14
25th Feb. - 14th Mar.
1 3rd June - 20th June
Contact Anne Brian
(Ref. FT) at
061-273 8228
or by. post at
• mss-
Manchester
Business
School
BOOTH STREET WEST,
MANCHESTER MIS 6PB f.
Sensational
Li * •
S; '
« i • <■ -. \ •
by key witness in
\ 3 the Mitsubishi U-BiX
>- V: l Plain Paper-
Copier trial
■ Every day m.ore witnesses come forward to
support our claim that the new Mitsubishi U-BiX.
Plain Paper Copier is superior to- any
comparable type of machine on the market
The evidence of Miss Laura Norder,
26-year-old copy queen at a leading textile house,
is typical of the glowing' testimony^now building
up to Mitsubishi technology.
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v.r
.sr
The Financial Times Tuesday October 2 lavs
THE FINANCIAL TIMES
_ CsrsMirio! ;.W>
iaeorpcr3T:=; THE FINANCIAL NEWS
JVM’
MONOPOLIES: THE IBM CASE
TeVnhnnT AXNON STREET. LONDON. EC4P 4BY.
P one D^> & \isht: IU-34S 8000. Telegrams: Finantimo, London
. Telex: S«6J41/2. SS3S97
S, .' tE ,VD K f*D Bltixrw NEWS SUMMARY RING: 01.146
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The judgment
market
Nicholas Colchester, U.S. Financial Correspondent, explains why an important precedent is contained
in the finding against the American computer giant
_ _ _ ’ _ mm *. * . »:r» BimB* tmi nK ffLP ikfl Of^
JUDGED BY the number of
—com references to the r.Iono-
. polios Comm^iio:!. ;jv. Govern-
ment is determined to earn a
ropiitaiton for vigour :r. prom 21 -
inQ *.*nipe::t:cn :ho
economy. Yefterusj's
men: fha; bricks and bread are
to be riiforrea the Com.-a:#-
sirin brings the r.timbxr .•: r.>7.-
in error eases currently "ne’er
s'-jdy :o ii*: seven of these are
"industry studies" i iypieai’.y
sectors which are dominated by
one or two suppj.cr- ■* . while
live arc coneerncd v::r the
r.rofes«...n5, I:» a.iri.'.ior’. the
Govern men: hn? during the past
lew months re forr-M a. number
«■« prociiscc: mercers to the
Commissi i in. aithmur. only ;-»e
merger between British Match
and W ilk: n* iin Sword i wh :ch
was cleared at onri of last
wc*!:» ha* actually been
e ::s mi iied.
Definition
N ii'our in the implemenrstinn
fir a policy is all very well, bat
v.hat has been larkins j* a
definition of what the policy is
ntaant to achieve. This applies
both to the Govern meet ;n its
choice of subjects to be referred
and to the Cummission in the
way -t has handled the mvosti-
Su’.ior.s. On the Government s
side ;he lack o.‘ clarity has been
most nbvioiis in the case of
mergers. The logic behind
recent decisions to approve
some mergers and refer others
njs been circuit to discern.
That the Govern meat I s anxious
about conglomerate mergers is
ciear. but the basis for -is
anxiety j$ nr<i; some iishi on
this issue may be shed by the
Commissions report on the
British Mateh-Wiikinjrm Sword
case, due to be published within
the next few days.
In the "industry" references
the main thrust has been
against those highly concen-
trated sectors where one com-
pany <like Rank-Xerox in
copiers or London Brick in
bricks) appears to wtoid " mono-
poly power" or where competi-
tion between iv.o or three large
companies appears to be ton
restrained. While ihese are
perfectly legitimate subjects for
exam illation, it is not clear that
a full-scale inquiry hy the
Monopolies Commission :s
always the right approach to
the problem. The economics of
Tlx T © *
the bread industry, after all,
are veil documented, and a
brief inquiry hy the DTI itself
should be sufficient to produce
whatever additional facts the
Government needs.
Bread prices, of course, are a,
political issue, and in this con-
text the reference is under- 1
siar.iiable. The brick reference,'
ioo. may not be wholly un-
related to the unhappiness
caused by rising house prices
and the shortage of building
materials. To say that a refer-
ence to the Commission is
” political ” does not necessarily
mean that it should not be
made, but it is reasonable to
ask whether there is not a
quicker and more effective
means of dealing with the
■•pevific questions that the Gov-
ernment wants answered.
For one of the disadvantages
of current Monopolies Commis-
sion procedure, as Mr. George
Polanvi has pointed out in a
paper published hy the Institute
of Economic Affairs, is that its
investigations are so wide-
ranging. Virtually any aspect
of a company s operations, from
the quality of its management
to the effects of its decisions
on regional employment, may
come under scrutiny, and the
company being investigated may
not know until the report has
been published what issues are
central to the case. This has the
incidental effect of making the
investigation very lengthy; the
study of the asbestos industry
lasted no less than three years,
and the really crucial facts
could probably have been
established in a preliminary
study lasting only a few months.
Public interest
The appointment of the
Director-General of Fair
Trading should help to improve
the machinery for dealing with
mergers and monopolies, especi-
ally at the pre-reference stage,
but there remains an underlying
vagueness about objectives.
The aim of competition policy
should be to maintain and pro-
mote competition, and this
should be the Monopolies Com-
mission’s concern. It is not the
appropriate body to conduct
management audits of com-
panies or to involve itself in
other issues of “public interest"
which are properly the concern
of the Government itself.
significant
££rTiHIS IS not to say
a that there were any
ruthless or nakedly
aggressive programmes contem-
plated or carried out — anything
that was done by way of
strategy was sophisticated,
refined., highly organised, and
methodically processed and con-
sidered. But in this day and
age such conduct is hardly less
acceptable than the naked
aggressions of yesterday’s indus-
trial powers. - With these
words, Judge Sherman Christen-
sen described what he saw as a
calculated campaign by Interna-
tional Business Machines to
drive its competitors in the
peripheral equipment market
out of business.
Two weeks ago in an Oklahoma
court. Judge Christensen
iordered IBM to pay one such
competitor. Telex Corporation.
S352m. in damages. He told
the company to refrain from
predatory pricing and policies.
He drew up four special rules
to loosen re M’s grip on its
customers and to make things
easier for the competition. Most
important of all, he squarely
convicted IBM of breaking U.S.
monopoly law by trying to
|" destroy its plug-compatible
peripheral competition by pre-
dators' pricing actions and by
market strategy bearing no
relationship to technological
skill, industry, appropriate fore-
sight. or customer benefit.”
For its part in the battle
against IBM. Telex was con-
victed of stealing IBM's trade
secrets and was ordered to pay
IBM S22m.
Damage to
image
IBM said at once that it
would appeal against the ruling,
and a week later moved for a
re-trial i but the stock market
was eloquent of the damage
that the judge’s decision had
done to IBM's image. In six
days of stock trading after the
judgment was announced, the
company's total value dropped
by one-sixth, or S7,250ra. Quite
suddenly, and as a result of a
suit that had seemed no more
than another futile knock on
IBM's exotic legal armour, the
company was shown to be
vulnerable. Moreover, this blow
fell at a moment when IBM
faced the most important anti-
trust trial since 1911, a suit by
the Justice Department of the
U.S. Government that could
break IBM into independent
pieces.
Judge Christensen used a
three-step argument in deciding
that IBM was guilty. First he"
narrowed the field of his judg-
ment to a specific part of the
computer business. Then he
argued that this part was a
“ market ’’ in its own right.
' -
v - * •. '• ■ •’ *■'» • rf'.i.v '‘"'•■ivTtfc
An IBM computer-linked terminal at the Holiday Inn reservation centre in Stctss Cottage,
London.
Injunctions handed down by the judge
1. IBM must price separately each
functionally separate part of a
computer system. Moreover, the
price of each unit must represent
a “ substantially uniform ” mark-
up over the cost of its develop-
ment, manufacture, and market-
ing.
2. IBM must publish separate
prices, within 60 days from the
judgment date, for its existing
central processors and memories.
At the moment processors and
memories are priced together.
3. IBM must reveal the technical
specification for interconnection
of all its new products at the time
they are announced to the public
or at the time that details of them
• are released internally for produc-
tion, whichever comes first.
4. IBM must eliminate all penalty
payments hy customers who opt
for ' premature termination . of
long-term lease agreements, provi-
ded that 90 days’ notice is given.
The rule is designed to make it
easier for IBM customers to switch
to competitive products in the face
of long-term lease agreements. It
is limited to a three-year period.
5. IBM must refrain from preda-
tory pricing, leasing, or other
practices or strategies intended to
obtain or maintain a monopoly of
the market for equipment com-
patible with its own computers, or
any relevant sub-market.
anti-trust
Cnntrol Da:i
another larg^
of Jiiainfranc
capable n£ being monopolised.
Finally he asserted that IBM
had monopolised it and had
used monopoly power in an
attempt to retain a tight grip
on it.
The market in question was
that for “ plug-compatible peri-
pheral equipment.” This equip-
ment consists of units that are
essentially electronic hand-
maidens to the “mainframe/’
or centra] part of any comput-
ing system. They store data on
magnetic tapes or on magnetic
discs. They read punched cards
or punched tapes to convey in-
structions and information to a
computer, and they print out a
computer's solutions. To qualify
as “IBM plug-compatible” tor
PC) each of these units must
be designed to plug into an IBM
central computer. In 1970 IBM
achieved sales and revenues in
this line of equipment of
Sl,I40m.. while its competitors
managed sales of SlOOm. These
figures are put into perspective
by IBM's total sales in that year
of S7,500m. and the total
revenue of the tLS. electronic
data processing industry of
$10J200m.
In arguing its case IBM
maintained that there was no
such thing as a market for
peripheral products . that
plugged into its own computers.
It argued that its products were
computer systems, which it pro-
duced in competition with other
manufacturers . of computer
systems, and. . that the only
charge with any meaning that
could be brought against it was
that it was exercising monopoly
power in the market for such
complete systems.
It was the most interesting,
and arguable, finding of the
judge that there was indeed a
“ market " in devices to be
attached only to IBM computers.
It was as if a number of small
companies began building
engines that would fit the cars
of a successful car company,
and, finding that the car com-
pany did not welcome the com-
petition, successfully accused
the car company of monopoly
power in making its own 1
engines. The judge’s decision
that such a type of “ sub-
market ” could exist and be
STATISTICAL accuracy, though credit business for August are
perhaps unnecessary at a equally uncertain,
party cnnufereoce, is needed ^e ambiguity of the retail
.. ... trade statistics is heightened by
lor tiie shapinu of tconomic two ret . hn j ca i factors. At times
policy to whatever degree it when prices are changing
happens to be available. Mr. rapidly — as the price of food,
Hugh Scanlon, the leader of the the most important single item
engineering workers, told the consumer spending, has
Labour Party conference yester- <‘ han § ed °7® r lhe pa f t
, * months — the figures become
day that during Phase Two. dnuhIy 50spect . In the first
despite controls on wages, prices Dlapei weighting normally
had continued to nse at an g iven To particular items of
accelerating pace. As a state- spen djng (which is a eompro-
ment ot the movement of wages a t the best of times; is
in relation to prices during UDSe t by events and the retail
Phase Two, this is not accurate. p r j ce index means less than
Since .the end of the pay usual. In the second place, the
freeze, with a sharp drop in sea- normal seasonal adjustments
sonal food prices, the retail applied to the raw statistics
price index has risen by 2 per lose much of their usefulnessL
cent.: wage rates have risen in The DTI publishes sales figures
the same period (to August) by expressed in both volume and
6.4 per cerot., the latest increase value, but both series are
being largely due to a rise in seasonally corrected,
the engineering industry, .and pfjQ^e Three
actual earnings have risen at . ...
least as Cast. Although taxation There are indications that
will have damped the increase Prices have risen again
down to some extent, real pur- s, ‘- nc c f he end of August and ,
chasing power has risen so far l he of ^astc wages
n Phase Two rather faster than (though not necessarily of eam-
,as intended or expected. That “*§*>
r whv the volume of retail sales temporarily levelled ouL There
:ias reeentlv recovered sharply »s at least room for argument,
■rom the slump of April/Maj- therefore, that personal spend-
; vh!ch succeeded the pre-VAT ^ ^
iu>mg; spree. was during the summer. Its
Yet the latest retail sa.es behaviour from now onwards
*cures are ambiguous. “ On the depend partly on the norm
■videnco of the movement in j or wa g e increases laid down
rade during the past three for phase Three and the extent
nonths.” according TO the w j,jcb the strong demand for
lepartment o* Trade and j a tjour causes this to be
nciiistry. " it would appear that overtaken by earnings; partly
hile retail trade is relatively 0)1 t j lc movement of wholesale
•uoyant there arc no firm ind:- p r j ce s — especially world prices
atior.s of a .significant trend. f Cir food, raw materials and fuel
The absence of trend lie*- in —and the extent to which the
he fact that the volume of sales. Price Commission exercises
ftcr jumping sharply up in pressure during Phase Three at
vine and siiahtly further in the retail end of the chain. It
j v remained * almost un- is essential, quite apart from
‘ ’„ 0 d m August: real con- the attempt to get inflation
■innnon of f nnri recovered under better control, that per*
' J eJ . (flanks to lower prices) snr.al consumption does not rise
'Li sales of clothing shops *n fast a* to claim resources
’ hack* and those of durable needed for capital investment
!.fls shops were much the and improvement of the trade
,me. The statistics of consumer balance.
MEN
MATTERS
— ■ * departure years .ago of the non- from his main academic career) any new directors to join.” But
I ll€5 Law executive Board of solicitors, for he was on the .Cabinet now that “objectives and
j ti_ and vts replacement by full-time Office staff after the war, and policies will again be clear, as
3 HU Iii6 executives: profits last year then a special adviser to the we work to improve the income
were up 60 per cent. Treasury from 1967 to 1U68. and rebuild the reserves of the
common man For the Law Society, says Equally, as Bursar of King's, company ” then what he wanted
Solicitors, says Gerald Sanctuary Sanctuary, it i6 a question of Cambridge, the college famed was “ new experience " in the
plaintively, think they are mis- getting rid of the “ misunder- for its investment expertise boardroom, “to provide a
understood. “Our image is standing ” about solicitors'— a since the days of Keynes, he proper balance m age and to
better than the estate agent's feeling that is evidently wide- had plenty of City contacts, meet the undoubted challenge
or the accountant’s, but spread enough to get along to which led to several investment of the next few years.”
certainly not as good as the the opening party to-night the trust jobs and a directorship The balance in age (the other
doctor’s. We are about level Lord Chief Justice, Lord of the Ionian Bank, ^is last non-executives, Sir Archibald
with the bank manager in the Widgery, along with Lord Cl ty appointment had been a Forbes, Sir Harry Melville, John
public eye ” Denning, Master of the Rolls, meeting of Ionian’s hiehly- Read of EMI, Sir Frank Roberts
* . ‘ „ . . , .. and Lord Hailsham, who does geared split trust, 1 Jove. High and Lord Weir being mostly
^rnirianr! not always see eye-to-eye with gearing, sadly enough, is some- somewhat senior) comes with
National Marriage Guidance Deoning Some peo ple. says thing the Treasury knows all two men still in their 40s. Donal
S’hloh! Sanctuary, think that solicitors about. . Cairo U and Jeremy Lever. QC.
Society broiyu m some three m parasiteS| whereas they are - to whom are added the expert-
r two ^ ^ basically " decent, responsible en ce of Sir John Partridge,
solicitors ima^e. There is, he j nd j v j,juals .” And cheap? “No. AII ,( Q fair An Irishman, . Carroll was
tinn^hetwmm you wUI notice 1 ^ sseA out ^ v " ’ ’ running both the Bank of Ire-
both cheap and quick." man who was distributing land and the Carroll family
amour prapre and its com* Aims of Industry's anti- tobacco business while still in
mercial well-being, and clearly nationalisation news-sheet. The his 80s. Two years ago he came
the new senes of books on law « -«■ f g i.-. c Labour Advertiser, at the to London to become chairman
for the layman, now being DCITIII La KGS Lhbour Party Conference in of Lloyds and Bolsa Inter-
launched in collaboration with Blackpool yesterday, got no national, but resigned full-time
the Solicitors Law Stationery Over quarter from the delegates the duties this July when Lloyds
Society, is partly designed to Aware per haps, that this was Paper was supposed to be took complete control of LBI.
get the public into solicitors nQ j a momen t f 0r another civil attacking. In the course* of the Lever has had an equally fast-
offices. servant to start making day, feeling the demands of moving career, taking silk
The idea behind the series is, emotive public statements, Sir nature, he asked to be allowed before he was 40. A fellow of All
one would have thought, obvious Kenneth Berrill allowed him- | nt0 tbe conference hall to use Souls (author of a book on the
enough: to produce law books self only a raised eyebrow to facilities- The stewards, Iaw of restrictive practices and
on subjects like the police, the answer the question of whether informed of his identity, said resale price maintenance) he
company director, marriage, there could be a worse moment No * he would faave to go else- is also a specialist in monopolies
motoring and accidents which to succeed to the top economic where. So off he went — presum- mergers. He has had no
the ordinary public can under- post in Whitehall. He went a ^ ly t0 ^ one ^°se con- formal tie with Dunlop "before,
stand. But neither the Law back to the Treasury yesterday veni eoces already in 'public °«t his value to the board is
Society, nor the SLSS, founded to begin his term as head of owner shiP-' clear: the complexities of the
back in 1888, has ever done any- the Government Economic Ser- S*. union with
thing like it before, both con* vice and Chief Economic _ . fjff, iJSL- enty of * or
centrating their efforts on works Adviser to the Treasury. 6813 El Cl llg til© • cxpernse -
for the professional lawyer. So . wiiat Berrill was keen to say, — , „ , 111 B " .
what has changed? apart from relishing the DUIllOp BOSirQ
At the SLSS, acquired by challenge ahead was that the foreshadowed earlier in the ^1 1 Chinese
Slater Walker three years ago impression of the Treasury as year by Sir Heay Geddes. Dun* Brezhnev installed the mo«rf
then refloated last October, it is, a place which s “ ck ed m good j op Holdings has decided that expensive new computer jn the
says Michael Bacon managing economists and then lost them more non-executives are what it Kremlin. He asked it to tell him
director of Oyez Publishing, tts in a clumsy, bureaucratic nee ds on its Board. The total when American capital]™
aublishing arm. a question of machine was. totally wrong. It number of directors had got would crumble “In so vearc
new management. The restruo is, he says, quite as flexible and down to 12, smaller than for time,” answered the computer
luring which has gone on under quick-footed as any City opera- many years. This was because, —speaking faulfless Chinese *
Richard Hodges, the ex-manag- tion. Geddes said at the annual
•ng director of Greenaways, the Berrill has had plenty of general meeting, “recently we
City print company, saw the experience of both (quite apart have not felt it right to -invite IJuo&iUtir .
violated created an .interesting life very tough for the PC con
precedent for other small' U.S. petitory Telex's ^profit ia 1B7
companies that may feel moved was $6. 77m.. in 19*2 it was dr*w
to take action against other to SI.2Sm. Memorcx mad
corporations that dominate their profits of S3.Sm in 1U70— t>n]a
industries— as' Xerox does in it is on the brink of ban^upirj
plain-paper copying or Eastman In January, 197-. Telex filed ii
Kodak in photography. anti-trust suit against IBM.
_ . Judgment nas been deliver*?.
To assert that there was a an{ ^ jj as b e<?n f nun( j
sub-market for IBM PC #uWect t0 appeal. IBM nrn
peripherals, Judge Christensen f aces jjj e brought bv th
found his most persuasive argu- Justiee Department in 1969 an
ment in IBM’s own internal establishing ih 2 t LB’'
memoranda. These memoranda. moan poliscs the entire coir
in the judge's opinion, were puler industry and not just
proof positive that IBM was ^ of iL So far this SUIt ha
aware that a separate market progressed with eraraordinar
was developing in a certain
section of its systems-product, ' .
and that this, awareness In the P a J few
developed to such an extent that ^ as a ^ l(? shn i2
IBM took definite action to usually with out-of-court wttit
make life tough for the ^ents, some ten ca.-cs brough
competition. against it on anti-tTust or anti
competitive grounds. Tfc«
n m Justice Department team mu.«
Business lake particular heart from :h.
fact that IBM has now. at last
WflrfSTP been found guilty — nut
tt ax lai change in the air has. in real it;
The story that emerges is a been apparent for some time. Ir
tale of business warfare. Telex, January of this year IBM
with one or two others, began settled the anti-trust <n;.*
to make PC equipment in 1966 brought hy Control Da:i
and over the next three years Corporation, another lar-K
it steadily worked up tts mar- manufacturer of mainframe
keting power and the quality computers, which, like the
of the equipment that it Justice Department, bed
offered. Other companies accused IBM of industry
entered the field (there are dominance. The Control Data
about 100 of them to-day) and settlement cost IBM SlOOm. and
by 1969 IBM was becoming this gave rise to feeling,
sensitive to the problem of PC expressed at the time, that C nr.-
competitlon. In early 1970, IBM tpol Data had perhaps
recognised that Telex's disc uncovered some abrasive t*v>
drives and tape drives were donee to force a settlement at
technically superior to its own such a price. -
and in February designated
peripherals as a “KCSL" or “key a _ ¥|I .i •;
corporate strategic issue.** A . e\ ifllirKV
task force Af as established to see „ *
how the competition could best 1.
be contained. This task force « v
made in-depth analyses of the Sure enough, soon after th? .
state of IBM's PC competitors settlement, it was revealed ;ha:
and devoted special attention to Control Data had agreed :o
Telex and Memorex. By mid- destroy its index to 750.iv»fl
summer, IBM’s top management pages of IBM internal menu-
believed that PC competition randa, .memos that were vital-
was one of IBars worst prob- to the Justice Dcpartmcnr'!: .
lems and. starting with the case and which funned an *
“Mallard project” in the early important pan oC the evident?
autumn, embarked on a grow- that Telex used in conitruc’.in’
ing campaign of price cots that its arguments against IBM.
were; carefully chosen to have This was a tactical victory by
the maximum impact on the IBM of a picturesque sort-
profits of Memorex and Telex, one reads descriptions of !h-?
In mid-1971 the IBM top lawyers from the oppo*»ng
management decided that the camps meeting in Minneapolis
peripheral challenge required t0 supervise the destruction r-f
an all-out effort The chief the material, to see the dnen-
executive at the time, Mr. menfs ground into a grey pulp,
Thomas Watson, said that he tiie computer tapes erased aad
wanted “a clear understanding the microfilms bleached into
that the company swallow'what- nothingness, to shake hands and
ever financial pills" necessary withdraw. But it was also a
and get ready for the future.” victory with a murky tinge, and
IBM then expanded its price- in winning it IBM was no
cutting campaign and intro- longer the spotless corporation
duced new leasing plans brushing aside the understand-
designed to encourage loyalty able jealousies of its coiti-
on the part of IBM customers petitors. but an industrial slate
and to penalise them if they fearful for its inner secrets and
broke their contracts. The new struggling mightily to preserve
campaign seems to hav e made its established position.
Qualityin
an age of change
The
FAMOUS GROUSE
SCOTCH WHISKY
a For tie true connoisseur, the first
taste gives unusual satisfaction ‘
and arouses considerable inter-
_ cst. The mellow character of
JB carefully-aged Whiskies reflect-
6 Bsg j Ur Wending skill belies mass
SLfeM .production. Compare it neat^ with
wwm otter Whisky -the really
' wa 7 to make a test. The
cunerence is unmistakable.
Arouse Scotch
Whisky —with a century
a half of family »
aitCiT I ex P er ^ence behind it.
clear: the complexities of the
so far disastrous union with
Pirelli offer plenty of scope for
legal expertise.
y
Observer i
Maihcfi 8f5on LkEftaikSauland EMJfchshed I5£ifl .
Wak-, LM.. Dmf-ird & Or Ink M .Wintr.-a S« a SE;7XI
- Dorobntors m Nwihern Iirbad BImoCcLUtv. 15 iUtn S.'rid. LaiutCobiin AuiniH.
X
Financial Times Tuesday October 2 1973
MONOPOLIES: YESTERDAY’S U.K. REFERENCES
he political loaf
EN GOFTON
July, when it was
need that the Mono-
mission might probe
ructurc of the flour
industry, the bakers
•rily. Their anger at
ronsider a "political"
has in no way
since then, as they
yesterday when the
the . Commission's
] were made public,
e of basic bread has
•r almost constant
t supervision and
nee the war. It has
i common occurrence
lustry leaders to be
3 the Ministry of
• to discuss economic
the bread business,
>r or not a case could
ut for higher prices,
last Government the
/as investigated no
four times in five
e Prices and Incomes
ch was critical of the
ise of labour hut
hat profitability was
mce
rration of the bakers
X move is reinforced
nowledge that co-
n these Government
matter how willingly
s money. One top
muttered that his
was expecting the
of evidence for the
Commission to cost
figures ” in manage-
And. he added, this
lg was beginning to
3 often that be
,f companies should
provision in their
or expenditure on
t inquiries.
price levels — large
t up by $p in June
her Jp yesterday —
have been agreed with the Price
Commission under Phase Two
regulations, and reflect the high
international price of wheat On
the face of it, there can be
little cause' for the Monopolies
Commission to get excited .on
this score.
Milling
Nevertheless, there is tech-
nically a monopoly, now that
the definition of that term has
been revised downwards to
cover companies controlling 25
per cent, of a particular market
rather than one-third, which
was previously the case. The
three biggest bakers are Spillers
French, RUM and Associated
British Foods. It is estimated
that they hold between them
about two-fhirds of this £350m -
plus market, with Spatters,
which in 1971 merged its bread
interests with those of J. Lyons
and the Co-op, slightly ahead of
the other two. That still leaves
room for 100 or so smellier
“plant” bakers, and an esti-
mated 5,000-6,000 “ master
bakers” with bakeries behind
their stops.
One area which is Hfcefly to
at tr a c t a great deal of attention
from the Commission is the
vertical struct lire of - the
industry. Flour mills and
bakeries were not always inte-
grated: the present .pattern
emerged through ABF’s take-
overs back into the milling end
of the business and defensive
moves by Spifflers and RHM.
tradition elly mi Hers, into bread
production. This may be very
logical and tidy, . and provide
production efficiencies. But
what the bakers will have to
explain is how, - when they
grumble of making virtually no
profits on standard loaves, they
are able to make about 12 per
cent, return on the capital
invested in their milling
businesses.
The low profitability of bread
— Government - enforced; the
baking groups will stress — has
also had the effect of reducing
competition, hi the sense that
it has forced many independents
out of business, or led to them
being swallowed up by the
giants. The fighting that goes
on between the majors to in-
crease their market share has
to be seen in a context of fairly
static consumption. As living
standards have risen, so ' the
national appetite for bread has
declined. It dropped by about
25 per cent between 1955 and
1968, to 2.9 m. tons, after which
it tended to level out
If it- sounds crazy for anyone
to want more of an unprofitable
industry, remember that the
ordinary large white loaf is
only one of the products stocked
in- a baker's shop. ABF, for
instance, pulled but of the
highly competitive market for
packaged cakes with a long
shelf-life some three . or four
years ago, but it is “ enormously
involved ” in short shelf-life
cream cakes, which can be dis-
tributed with bread and carry
better profit margins. There is
also a considerable demand for
more expensive “ fancy ” breads
of various types. The more out-
lets a bakery group controls, the
bigger share it will enjoy of the
related markets.
Croissants
The Monopolies Commission
has at least acknowledged the
relevance of this point Its
terms of reference include
wheat flour, and bread made
from such flour. But " bread ”
is taken to include fancy loaves
and milk loaves, rolls and baps,
and “wrapped and sliced.” Ex-
cluded are such things as fruit
loaves and croissants, and of
course all those sticky and
gooey confections which are so
bad for us and, apparently, so
much better for bakers' profits.
The dominant brick
BY COLIN JONES
IT WAS always on the cards
that bricks would one day be
referred to the Monopolies
Commission. The London Bride
Company, which is- Britain's
largest brick maker, enjoys
something akin to a natural
monopoly. At the latest count
it was responsible for about 43
per cent, of the total output of
bricks — a- share that meets the
technical test of dominant
market power both under the
old post-1948 legal definition
(one-third) and under the new
criterion (one quarter) which
was adopted fbr this yearis Fair
Trading Act
This dominance comes from
London Bride’s placp in the
fletton * brick sector. . Flerton
bricks are made from a type of
clay which is known as Oxford
clay. It has a high carbonaceous
content which burns readily
when the bricks are fired. Little
additional fuel is- needed and
fletton -bricks can be made
more cheaply than others.
This relative cheapness has
enabled fletton bridfcs to make
considerable inroads into the
local markets of non-flettoii
types, despite the heavy costs of
transport Twenty-five years
ago, flettons accounted for just
under a third of total brick pro-
duction: to-day the proportion
is nearer half.
Acquisitions
London Brick now accounts
for about 95 per cent of all
fletton production — a position it
has built up partly through
organic growth and partly by
means of acquisition. There are
still several hundred firms mak-
ing non-fletton bricks from local
deposits of day, but in the flet-
ton sector there are only three.
Five years ago there were two
more, but London Brick took
over Marston Valley Brick in
1968 and the three fletton brick-
works owned by Redland in
1971 when Redland was becom-
ing concerned about the
approaching exhaustion of its
fletton works’ clay reserves.
One of London Brick's two
surviving rivals in the fletton
sector will also soon be chang-
ing bands. This is Whittlesea
Central Brick, which was bought
by the National Coal Board
when it, like Redland, entered
the fletton sector ten years ago.
It is now Up for auction along
with the Coal Board’s other
brick interests.
London -Brick thus has con-
siderable market power. But
market dominance by itself has
never yet been held in this
country as ground for con-
demnation under modern
monopoly law. Public policy has
always been neutral, unless it is
shown that that market power
has been abused; there have
been several Monopoly Com-
mission investigations where,
although a technical state of
monopoly was established, the
situation was found to be not
contrary to the 'public interest.’
Does London Brick fail into
this category? On the basis of
publicly available facts it is
hard to conclude that the com-
pany has abused its power. Two
inquiries by tbe National Board
for Prices and Incomes In 1967
and 1970 paid tribute to tbe
“moderateness” of the com-
pany’s pricing policies. Rather
than use its position as price
leader to boost prices and thus
profit margins, the company has
traditionally chosen to maintain
relatively low prices, especially
for facing bricks where the bulk
of output comes from low-cost
works.
This policy obviously puts
pressure on the small, high-cost
producer and increases London
Brick's market share. In the
last 25 years the number of
brick producers has been more
than halved, from a total of
some 900 to less than 400. But
it would seem that the national
economic interest is better
served by a low-price, high
volume policy.
True. London Brick appears
to make a relatively high re-
turn on capital. Last year it
made 26 per cent on assets,
much higher tha nthe average
for the non-fletton sector and
higher than many other indus-
tries. But the brick market is
very cyclical and sales rose
sharply last year. In any case,
the calculated return on capital
is related to book value. Even
though the company, like other
large brick producers, has been
replacing small old works by
Large low-cost plants, much of
its. assets are old and to-day^s
book values are substantially
below replacement costs. Tbe
true rate of return must there-
fore be considerably below
26 per cent., even at the top of
the demand cycle.
Pay claims
Apart from detailed points
about the structure of brick
prices and transport charges,
the only serious criticism of the
industry in recent years came
from the NBPI in 1967. Because
of London Brick's market
power, the uncompetitiveness of
imports and the absence of
substitute products — for facing
bricks at least — the company
could be tempted to take too
easy a line against pay claims.
Nevertheless, the Monopolies
Commission reference could
still serve a purpose. The old
text-book type of monopolistic
abuse has virtually disappeared:
criticism these days is ■ more
likely to concern matters of
detail. This year’s Fair Trading
Act has, moreover, placed
emphasis on the maintenance
and promotion of “ effective
competition,” not only in the
national market but in any one
part of the country. The brick
reference could provide indus-
try with a useful precedent of
how these new public interest
guidelines are to be interpreted.
ina clay industry
/ appeal to PM
- HOWELL LABOUR REPORTER
ST. AUSTELL, Oct. 1.
.AY employers are
appeal to the Prime
over frozen pay
or more than S.000
is follows last week’s
by Mr. Maurice
the Employment
lot to override a Pay
r prohibiting the pay-
ees of between £2.50
eok.
jy workers received
per cent., increases
Under a five-year
linking pay to pro-
nd profit levels the
received additional
n August backdated
but this was stopped
jf August by an order
ly Board which ruled
r increases could not
12 months.
in the china clay
' . c likely to be invited
.. ny the employers if
• 1 . Minister accepts their
i a meeting. English
-L '*- x * . . . the higgest company
the Board’s order, is
'
also taking legal advice on how
it could further, contest the
issue.
Meanwhile the Pay Board
yesterday made Orders stopping
a 20p-a-week pay rise for Im.
civil engineering and building
workers. The Increase was due
from October I under a cost-of-
living threshold clause, part of a
national agreement concluded in
September. 1972.
The Orders have been made
on the National Federation of
Building Trades Employers and
the Federation of Civil Engineer-
ing Contractors because they
gave no assurance to the Pay
Board that they would volun-
tarily defer paying the increases
which the Board has ruled con-
travene the Pay Code. •
This is because the workers
had an increase in June and the
Pay Code allows only op# prin-
cipal rise in any 12 months. The
20p was due under a clause
specifying that this should be
paid if the retail price index rose
more than per cent, in the last
12 months.
Bid for interim
solution in cod war
L >
listry arranges talks
£odak dispute
. , LABOUR STAFF
^ARTMENT of Em-
us arranged talks for
iy between Kodak and
inions on the recog-
which has complicated
0 settle the dispute
halting all film pro-
the company's Kernel
plant.
■ling, in London, will
.engthy behind-the-
riliatinn moves by tbo
;l's officers. The DE
II of the six TUC
eking recognition at
1 the Union of Kodak
he recognised "house
attend.
*t» may he a question
nst the appearance of
Graphical and Allied
icials who up to now
have refused to sit down with
the registered UKW. '
Meanwhile, one of the TUC
unions, the Association of
Cinematograph, Television and
Allied Technicians, yesterday
turned down conditions put by
the UKW for three-sided talks
with the company on the film-
p reces sing dispute Involving 60
ACTT members.
Tbe refusal of a peace meeting
on the UKW terms means that
lay-offs are likely this week
among 1,500 film processing
workers at HemeL Hemps tead.
It Is understood that the ACTT
rejection- was based on the
exclusion of shop stewards from
the tripartite talks and the other
UKW. conditions were not
seriously considered.
bstantial support’ for
;t Office strike
♦
r
R LABOUR STAFF
'FICE operations, in-
i* GIRO and telephone
cos. wore hit yesterday
f-day strike of white
T protesting at the Pay
recent report on
n Office said last night
V; ; had been ” substantial
. >'for the strike call from
M ’ ons covering around
‘ : rkers.
. working by members
<*Jnion of Post Office
meant that poataf-and
services were not
j -affected, but tbe stop-
s' .'•■d many area telephone
/• cash offices along- with
i iter centres handling
telephone accounts. A stoppage
by workers at Bootle is likely to
delay the processing of GIRO
payments. • : .
- Leaders of seven Post Office
unions are to meet the Prime
Minister in Downing Street to-
morrow to press for a broadening
of the Pay Board’s criteria for
allowing “special case” pay-
ments during Phase Three.
Yesterday's militancy, by white
collar workers, . expressed at a
number of rallies In London and
the regions, is partly because
they have similar grading and
pay levels to civil servants— who
have been singled out for special
treatment bv the Pay Board.
More 'Labour News Page 18
BY DAVID BELL
INTENSIVE EFFORTS were
nnder way last night to try to
reach agreement on an interim
solution to the “cod war.” Ice-
land- has threatened to sever
diplomatic relations with Britain
if British frigates and tugs are
still inside the disputed 50-mile
limit after tomorrow.
Members of the British Deep
Sea Fishing Industry Joint
Action Committee were called
to the Foreign Office last night
for a meeting with Sir Alec
Douglas-Home. Foreign Secre-
tary. and Mr. Anthony Stoddart
Minister of State, Ministry of
Agriculture.
In Iceland, Mr. John McKenzie,
the British Ambassador, was in
constant touch with the Icelandic
Foreign Ministry which yester-
day issued the text of the Ice-
landic Prime Minister’s reply to
Mr. Heath’s note last week.
The Icelandic Premier again
insisted that the frigates must
be withdrawn before new talks
can begin, but the tone of his
reply was regarded In Whitehall
as fairly conciliatory.
There was speculation in
Whitehall that Sir Alec was in-
tending to sound out the fishing
industry on a new British initia-
tive which might mean the with-
drawal of the frigates in return
for a dear Icelandic promise to
cease what the British Govern-
ment regards as harassment by
Icelandic gunboats.
Beyond that sources said that
it was possible that Britain might
also offer to reopen discussions
on the amount of fish to be
caught by British trawlers inside
the disputed area pending the
Law of the Sea Conference in
Santiago next year.
When the last talks broke
down Britain offered to restrict
her catch to 145,000 tons a year,
but the Icelanders demanded a
limit of 117,000 tons. In the year
ended August 31 the trawlers
have actually netted 164,000 tons,
or 19,000 tons more than they
would have taken if Iceland had
accepted the British offer.
Summit plan
Lo relies Ols Lager, oar Brussels
correspondent, reports that Dr.
Joseph Luns, the NATO Secre-
tary-General, has suggested a
summit meeting between Mr.
Edward Heath and his Icelandic
counterpart, Mr. Olafur Johan-
nesson. in a last-minute effort to
prevent the first-ever break of
diplomatic relations between two
members of the Alliance. Dr.
Luns made the suggestion to Mr.
Heath during his talks at
Chequers on Sunday.
He reported on his visit to the
NATO Council at a restricted
session in Brussels yesterday. It
is thought that a majority of
NATO countries are in favour of
the summit idea.
Greater U.K.-Japan
co-operation urged
BY KEVIN RAFFERTY, ASIA CORRESPONDENT
MR. EDWARD HEATH, the
Prime Minister, and British
business leaders yesterday urged
upon Mr. Kakuei Tanaka, the
Japanese Prime Minister, the
need for greater co-operation
among, the economic powers of
the West
If they did not work together
more closely, Mr. Heath warned,
there was a danger that they
would cut each other’s throats.
Mr. Heath and Mr. Tanaka
bad two hours of wide-ranging
“useful and . fruitful ” talks at
Downing Street, during which
particular attention was paid to
the relationship between the
“triangle” of major economic
groups, the U.S.. the EEC, and
Japan.
. The world energy crisis also 1
figured prominently in the dis-
cussions, both at the morning’s
meeting and also at a dinner
t lven last night at Downing
trect In Mr. Tanaka's honour.
Competition
British and European oti
interests fear that Japanese com-
petition for ail may force up
Its price beyond their reach.
There have already been
examples of Japanese companies
paying almost as much as the
posted price for supplies of
crude oiL About 70 per cent
of Japan’s energy needs are met
by oil, 99 per cent, of which is
imported.
BP yesterday denied Japanese
newspaper reports that it bad
reached a specific agreement with
Japanese interests for a financial
involvement in North Sea oil.
Finance for BP's Forties field
has been concluded, but it is
clear that the Japanese are
having talks with BP and other
oil companies about possible
partnerships in the North Sea
under which the Japanese will
provide finance in return for oiL
At a. lunch given by the Con-
federation' of British Industry,
Mr. Tanaka and British business-
men discussed the possibility of
agreements involving not only
the oil majors and the OPEC
countries, but also the major oil
consuming nations.
CBI leaders said they were
anxious for an expansion of
Anglo-Japanese trade, and invest-
ments. but emphasised that this
should be done in an orderly way
to avoid disruption whicb would
be socially unacceptable.
Picture — Page 4
MU. L. F. SHAPLAND
. We deeply regret to announce
the death . of Mr. - Leonard F.
Shaplasd.
Mr. S hap land joined the Finan-
cial News in January 1933 and
became circulation manager of
that paper in July 1940. When
the Financial News and Finan-
cial Times were merged in -1945
under the title of the Financial
Times, Mr. Shaplasd was
appointed circulation manager
of the combined papers, and con-
tinued in that position until his
retirement in June 1967.
He enjoyed an .active and
happy retirement in North
Devon. His sudden death has
come as a" shock to his many
friends on the staff of the Finan-
cial Times, who all extend their
deep sympathy to his widow.
WORK STARTS ON
FACTORY ESTATE
Construction has begun on the
Maelor industrial estate in
Wrexham, Denbighshire. Included
in tbe first phase of 30 acres is a
landscaped frontage to Bedwell
Road and a central estate service
road.
Units will be built to tenants'
specific requirements with a
flexible limit on the land available
for each plot.
Investors Guardian to close
BY NICHOLAS LESLIE
AFTER JUST over a year under
new ownership, tbe Investors
Guardian, a weekly investment
journal, is to cease publication.
It was bought by the private
Haymarket Publishing Group in
September last year, and tbe
final edition will be published
this week.
A number of factors have led
to the decision, but the principal
one is the failure to reach a
target circulation of 20,000 by
the end of the year, according to
Mr. Lindsay Masters, Hay-
market's managing director.
Heavy promotional expendi-
ture helped raise the circulation,
but there was no subsequent
spontaneous increase in demand.
Added to this, costs have in-
creased “dramatically,” and the
situation has been aggravated by
intense competition and tbe fact
that the stock market is in a
depressed state.
the product...
Digital computers for Nuclear Data
Shipping for Verhoima Dockyards
Nylons for Pretty Polly
Industrialists setting
up in the Republic of
Ireland pay no tax
whatever for 1 5 years on
export profits. Full duty-free
access to the U.K. market
immediately and to other
EEC countries by 1 977. Nonrepayable grants
towards land, buildings, new plant and worker
training.
| I- IDA “ 28 . London W.1. jj
J Please send me complete information on setting ? -
I up industry in Ireland. I .
I Name
I
Position in Company
Name of Company
Address
INDUSTRIAL DEVELOPMENT AUTHORITY
Head Office; Lansdowvna House. Dublin a. Ireland. London! 28 Bnnon
Street. London W.1 ., England. Parle: AS rue Pierre Chonpn,
75006 Pent. France. Brussels; 77 Rue Joseph H. 1 1J4Q Brussels, Belgium.
Cologne: 5 Koln-Marienburg 51. Bayenthalgunei 13, Germany.
. Offices at New York. Los Angeles. Chicago. Tokyo. Toronto, Sydney.
I
R .
?
dividends announced
Greensitt & Barratt’s record £5.6m.
I-cL*jj\nM I ua-sradea fare-
V?' 1 P-oiirs comfortably in
yvLC>5 o'. builders an-.!
tiu\e,n’JL*rs firwoncitf -.,,1
INDEX TO COMPANY HIGHLIGHTS
new report*. &r. Ldranec fro.-.:
Company
Page
CoL
Company
Page
CoL
— u.n.. to a record £5.63^;. in Hie
\ rp '“'L iisure :or l - e yejr ended
"line CO. JP73.
Associated Dairiet
27
1
Hurst (Charles)
29
2
Atlantic fnml. Bk.
29
3
Jefferson Smurfit
26
4
3;>s:c ojrr.ir.^s ver i0;j Ord:r.r.ry
j-harc S7e shov" to be u ; ' froni
If.rtp to 24.7p— iuSSy diluted 23.7n
i i4.4p«.
Bejam
27
3
Kent (M. P.)
29
4
Blackwood Morton
26
6
Leslie & Godwin
26
2
Brotherhood (Peter)
27
2
MR
27
4
/he soja! dividend is effectively
rjised from 5C.33 per cent. :o
cent, pross. w;?h l second
Cakebread Robey
26
5
Mono Containers
26
5
Chemical Secs.
29
5
National Sunlight
29
6
interim of 33.37 per cent net —
cquai to 47.67 per rent, sross.
The directors state that i* is
Footwear Industry
26
3
Strong & Fuher
26
7
Francis (G. R.)
26
2
Television
27
4
proposed to give shareholders* :he
cnoice of receiving :h^ :»nr.’. d:v:-
GlossOP (W. & J.)
29
5
Tern Consulate
3
2
Greensitt & Bar ran
26
1
Uttley (Wm.)
27
7
prefer to increase their ho:j-
i r -" : n«?ead of being o.tid cc?.i.
.•accordingly s scheme" ;s bemz
prepared for approval.
Grimshawe Holdings
29
I
Wettern Bros.
26
1
Heywood Williams
26
7
Zeners
29
4
Current
payment
nr
%
Cakebread Robey ...int 4(n)
J. E. England int. 0.37t(fc)
Footwear Industry i.4t(mj
Ward J. Clossop ........ Jut. 75
Gnonxas 0.775
Greensitt and Barra tt ... 47.67
Gritachave .-..2nd int 22.5(b)
. , . Charles Hunt int. 9.24(e)
beJow the offer level, its depen- Jefferson Snmrfit int l3t
dence on the less ■ fashionable BL P. Kent 33(d)
manufacturing end of the Indus- Mono Containers int 5
try rmm partly explain this, bat North Brit. Canadian int 5t(f)
tne company can hardly be Tes-h-ConKoIate int 3(g)
criticised for lack of earnings William Uttley int 5(j)
growth. This time profits ar$ Wettern inL 10.5(a)
Date Corre- Total
of sponding for
payment
Jan. 7
Jan. 4
Oct 24
div.
%
3*
0.37
year
%
Total
last •
year.
%
13*
157
The Financial Times Tuesday October 2 1972
Strong & Fisher
in good position
ft.
^ 1
~ i n
«
— 1.4 —
6 . 66 *
}'
•3L67
NOV. 9 —
!_ more than doubled and the pros-
Jan.2
i>r- 3
Oct 19
Jan. 3
Nov. 10
Jan. 9
9J
IS
2.5
4
5
2i
10
58
30(C)
45
15.74*
9
*5353
CONFIRMING THE trend that improvement division, sales o'
clothing leather continues to be windows for the new houfrt or.<i
a growth area, the first three of products for the shopfijim : ir
months trading of Strong and dustry. “We arc t-onfict-.i; «r
Fisher (Holdings) “compare fav- achieving: accelerated salts n
ourabiy** with the correspondiag these markets." says Mr. Schrife.
period of 1973. chairman Mr. The accounts show ih;st fiipii'j
J P. Strong tells members. commitments contracted fur ;r.
. . thf , „ w u. je a Tuer creased from £35.000 to £50«.4tt
And. lmlesc the w™ £ JSn- and those authonsed hu> nci ... r -
“» £!?* ra ,i’ e ™,£ trjeted for were op from n.r™
• fident that the inter.m results rtiiono
■ “Will Show a aiMKW t™- Merest r.
954
23
30
5
10
185
124
pectus forecast has been topped * Equivalent after allowing for scrip issue, t Pence per. share. $On tion. Heywood Williams Ormm if- qi'.tP.
by 73 per cent Furthermore, capital increased by rights and/or acquisition issues. 5 Net equal to chairman outlines that the gc "kw 540 shares (26 per ccm...
the company Is at present ran- last year’s gross, (a) Gross of 755 per cent. (b) Gross of 15.75 per underlying'strength’of the leather a j announced on June 2?.
rung ahead of last year in sales, cent, (c) For 16 months- <d) Gross of 251p. (e) Net— made public Nothing industry, the scarcity Meeting Part? (.an? Hour’.. V. ! .
although there are doubts about December 1972. (f) Corrected. Gross of 3.5p. (s) Gross of 2.1 per pf fcigfc quality leather, and the (Wober 23 at 12.30 pm
the year as a whole: there are cent. <h) Gross of 3357 per cent. (3) Gross of 3.3 per eent_ 00 lower level of sterling — parti cu-
both labour and raw material Gross of 05625p. (m> Net— made public October 1978. • (n) Gross larly in' relation - to the large es-
shortages, as well as a worrying of 2-8 per cent
upward price trend in the latter
case. Still a net p/e of 6$ at
44p below the sector average into smurflu with the profits of
must surely discount any uncer* (gjg original group up 65 per cent-
tainties.
•he year’s net profit is u» :'rn:r.
il.374.0in io B»j2!O.0I». Ord:n. ry
dividends absorb £SPfl.5l'>
i £30651 It.
ft is further intended ;<• er.sr._i-
jbe company'* name to Barra -.t
Developments. The directors no v.t
n nt that the company now -.r.-.d':*
through a rrroup of over 20 cent-
sanies throuehout the main oor’:-
iation centres of northern England
and central and north eastern
Scotland. The Board now con-
siders It would be of benefit to
carry on activities under a com-
mon name with a unified corporate
identity.
..See Lex
Wettern up
by 74%
at midwav
’l’hti>. at 233p a net contidon: of maintaining the
mjpcc'in.* p e of 11.7 looks increase through diversification
into the industrial market and
sound '.v n.isen
Statement. Page 32
Leslie and
Godwin to
the home improvement sector.
As reported on September 22
aroun pre-tax profit for the vear
to -March 3!. 1973. was £2l»i.tiH7
(£194,548- - J •*-- —
Jefferson
Smurfit
upsurge
to £965.000 and chose of Tremtetts.
after all financing charges, up
poet trade— assures the group of
continued success.
As reported an September 2d,
group profit, before tax. for the
year ended May 31. 1973. was more
than doubled from £357.759 to
£735,572. Total di Tidied is effec-
tive^ raised from IS per cent, to
18-9 per cent
Institution
may support
Mr. Maxwell
Blackwood
arrer an nnancing cnarges, up -m jr j
45 per cent, to around £393J)00. j\/| A|«f AJ1 . .
The split between English and lYxUJI lUli
[hiy .
J| prospects
f afthougtT ~thh3 MARGINS OF carpet manufac* Peltzer Taraeries S^. Belsuun. ^ "’JSd^Sir Main
ter). Demand turers etc.. Blackwood Morton and and G. U Brown and Lo- rwew chainr!an 0 f perqamon.
Talks are still yoihg on betwten
Export in leather increased to permmon Press and Mr. Rob^r
a record JE3.50U which doei not ila ^ eU a t,o Ul his consult
include the sales of the group - ' a „ re(: nieni which ends on Ucioat:
wo overs associates Strong and . Noth mu has been agreed jj.
alter Courts.
last m^iL
Mr. Maxwell has said be rjL
(<194,^ i and the dividend 4a pro u L before tax, of Jefferson dUcing a prospective net p/o of necessary because of rising costs rec
™ nt ’ ? osUnE , Snmrfit Group expanded from 8 at ]R°n of wool and synthetic fibres, the of
Jriannn! 3f ‘ er " ai ' ers of £la A°° £591.000 to £1592,000 for the six Statement, Page 28 company should have another
(I.12.LKJU). .w. t„l R 1 Q-n catlcfartniT/ rpar RflTS the CnailV fCV
ileetins,
24, noon.
Birmingham, October
go ahead
l\Sl RANGE BROKERS. Leslie
and Godwin (Holdings), expects a
furher increase in profits and
canines per share in the current
year, chairman Mr. Norman W.
Gant -ays in his interim state
iv.eit.
Tradine income for the half-
ye'r shows n satisfactory increase
••hilc investment income will be
very considerably greater this PROFIT
year than last.
months
Footwear
Industry
pays 20%
lXD dividend well in
excess of forecast are announced cent, is declared (9t per cent.).
Irish operations is now roughly
50-50 in sales terms, with a bull
point in the fact that there
been no drrecr margin control in
Ireland as yet
could emerge later). . ,
remains buoyant for all board and Sons (Holdings), are below those Zealand. -tLk —
paper products, so a full year permitted by the price and pay The chairman points out coax leave ^ ..^up if he is not invited
ON A substantia: ..crease -n turn- pre-tax figure of around JE35m. code, and if sales continue to tn at the sto^ vamanon tQ ; oin ^ Board of Perga ra as by
over from £10. 92m. to £22.97ai., seems to be on the cards, pro- increase at the higher prices or £22am. (£L56m.» co ns i a era ore ^ bis contract ends. -
' because of rising costs reductions were made ta the value fae h -, s ^ fcuppMrt of
— of all skms to reflect the lower cdltors ^ p e r^mon
— lerob recorded during the last one ..f thorn, Pro*,
satisfactory year, says the chair- fjwwniter r pr ^ Brian Spalding, editor of lnter-
man, Mr. K. at Hamilton. national Journal of Heat and Mass
He pouits out that after the total value of stock ot the yesterday discussed
upsurge in demand prior- to the easd Incrrased owing t o hig her a-tkude
introduction of VAT last April, raw materials prices requirements Jieir aijuiae.
there tras a considerable reduc- of recently ^acquired businesses J,"l a n 5i SS
tion in new orders for the home and enlarged production. ^S^LSd Jr -fi a (So!
trade. This enabled delirep- Meeting; Wellingborough. bcsvUJ be. ediiors will b«^in
113165 October 29. at 250 pm ... d n l0 moro ^o-ohead pub-
were restored to more normal
levels.
With turnover up from £25ra. since June SO sales have been
appropriate adjustment for to £2.55m. Mono Containers has satisfactory but current year re-
interest paid on the consideration lifted pre-tax profit from £71563 suits will depend on the Govern-
or the TPP Group. to SR8.1S8 for the seven months -mentis ability to restrain inflation
to July 31. 1973. without restricting economic
And the directors expect this growth, says Mr. Hamilton.
to continue. Barring pos- As reported on September 4
months to July 31. 1973.
For the previous 12 muimu -w
turnover was m5tin. and group ImpFO Y£meilt
pre-tax profits
Earnings per Ordinary 25p
share for the half year are shown
at 7.7p undiluted f4p and 10.4p);
and diluted 6-2p (3.4p and S.Sp).
They are calculated on the capital
as increased by the rights issue in
August but after making the
An interim dividend of 13 per
seen by Mono
Containers
Heywood
Williams
Heywood Williams, the
window company, has a
Ushers.*'
Professor Spalding, who has
worked with Perga mon for 13
years, hinted that the insliiutiana,
shareholders with about 15 >) 20
per cent- of the i.ssued
would be prepared to back Mr.
metal Maxwell’s re-election thou-’b it :s
good beiieved there would be stringent
** Throuehout the year we have h v Footwear imiuwtr^ investment, and is In line with _ the earlier trend " J CnV- fho WUIUUW VUUlfMIUJ, U-O OeiieVeO UlfiV WIIUIU UV »I
mpmtoined substantial liquid ^ a de uublic list October for the forecast of at least 35 per cent wbte raw material shortages they ^otS 1 order book and despite materials conditions attached to tins
H 1 ’ for the year on capital increased expect the rest of the year to jo June w. i»73 was iussm. .
rpn ,. D . , , fund* and consequently are bene- year to M -v 31 i<iT’; ’ for the year on capital increased expect the rest of the year to ‘2'i .iT. shortage tiie outlook remains
.ROLP PROFIT =cfore .a* o. n a material eataat from - Grou| ; p.,.,;,,' proli , „ more by a rights!***, again* 2S per 4»w Jmprosed busineH and ^r^re bright, says Mr. B. R. Sebolesjn i
Wettern Brothers, suppliers nf
T :e present hieh rates of
than doubled
i £202.312i. When
at £419506 cent, previously,
reporting first The current demand for all pro
profitability, with trading in excess
of last year’s figures. Pre-tax
The institutional vote is vitai
in the struggle bccau.se, when
building rjid rond materia’;?, wt-s :n?ere«r ” he add*;
iitXVhBFw^ ^Tsa.siiW.^ --ssr. s-sswsr^* »s
Exndrt saie« 'increased hv Vt his ceport as chairman of the added to Mr. Maxwell's 2- per
ne^cent and therewil? be folding company, Heywood Ynl- ce m. stake, if outvotes 7fse 3S
. . _ „ uwta _ 3?5cd5rt wnorhSuies" fo? Hams Group-. ^ ^ per cent, controlled by tnsro.
a maintained c^y.^.oon tiie directors stated that Nigeria is excellent. As the group The Interim dividend is raised fm-fhar increases to West business m South Africa— the U5. group, which mil iighi
well into the second half of the From 2.5 per cent to 5 per cent. Germany, Holland and France as ' vh6re dlffic!,lt conduions Mr. Maxwells re-election to tiic
, the directors are confident eras»— which equals last year's duties & coontries are pro- “St yrar caused the fall in group last ditch,
the high targets set in the total. gressively reduced. There are P rofit fron ? ioSB.OW to £301 1 °00— sfr. Norman Freeman ICIs
.. — original group will be fulfilled. N er Dro at of £39.0X5 (£42515) also indications of growing ®? w traproved and forward mvestment manager who has
The interim dividend soep un neV rent" naid'nn ‘a ‘ore- tax l °l» share— equal to 20 per cent, while profits of the companies is , m , c t a f te r tax of £27,173 Interest in the US. and Canada. or ££p final f es ?^ esent . ed .. JJ 1 ® .
from 10 per cent m to : ner cent A-'fi-nf c^RRm P ° pretax CT0SS cornpared w iih 15 per cent acquired will be matenaliy better f£2S.»45). says Mr. Hamilton. .. T ° l ; holders in discussions wit n the
gross. 7 35 per cent, net Las: : NV-oMatin^for the aronisition r ° re cast. Earnings were 7.4p than those of last year. The directors point out that the Meeting. Kilmarnock. October re^mm^ded^ ^ his r i-
year’s total was 36.85 per cent.. 0 f The Wor»d Marine and General per share. ProBt marc ins are, however, figures do not fndude .resul^ 2*noon monrawded shrfBff a tot of return to hi nice t--
paid on a record pre-tax profit of H«nranre Companv have now The increased profit figure, as constantly under pressure from from the French and Spanish sub- Chairman s atatemcm, rage a ‘
£471593. v, pen i-omnieted It is the Board's acainsi thai forecast, is due to a the continuing efforts of the sidiaries. They report the French ■
In his annual statement in May. ; r *ominn to strengthen its finan- zeneral upsurge in foot\vear busi- Governments of both Ireland and company has shown an ehcourag-
chairman Mr. L. Wettern. said cia i resources to expand its nesfi and to record sales and rhe U.K. to contain inflation, and ing profit and the Spanish factory
first-quarter turnover was 3S per underwritinc and the effects of nrofits by the subsidiaries— this must - restrict opportunities to is developing satisfactorily,
cent ahead of the first three the aronisition will be evident in Quality Shoe Group. T E. Shaw recover increased costs In the
months of 1972. Forecasts then fh e nex» published accounts. Over- and Footwear and Allied Agencies, immediate future,
showed that the rate of progress ce^. in fe rests in Australia have —and the associate company. Longer term demand is likely
in 1973 and 1974 could well equal been extended bv completion of Richmond Distributors, says Mr. to remain strong. This, added
the record advance achieved in irrangemenrs to merge with R. C Monty Sumray. chairman to the better balance which the
1972. G arrow, iv (Insurances) Ptv. and The group distributes its foot- group now has as a result of the
A professional valuation of progressive benefits should accrue w ** r under its brand names of TBP acquisition, gives the chair-
properties dated August 31. 1973. ; R t>, e future as a result. Nite- Aires. Recort-Aires. .Thodies. man considerable confidence for
discloses a £950.000 surplus over For some time the directors Marqui«e and Varmus. and is also the future, “ I am optimistic about
Cakebread
Robey
J. E. England
ahead in
first half
recommended giving a total of 7 return to his- office
morrow (Wednesday) arti i! i:.
year increased hardly likely that the d.^ru^mri
resources were put into develop- about Mr. Maxwell’s eon war:
merit of the en ,- ‘ Hyde Park home make much progress without h m
Group pre-tax profit of whole-
sale- potato and vegetable mer-
Haif-year turnover for builders chants J. E. E n g l and and Sons
m.owvjwi a rur iiilltf inc amfCIOFS M-I»« irnmuii, miu 13 aiBV uic mtmv, 1 am u^uuubub umuui * .
book values, fhe directors state, have been sirin- detailed study a supplier to Marks and Spencer, the continued growth Of earnings umber merchants, (^ikebread (We^igton) advanced trom
• comment
*o fhe nossibility of sub-
«tantia! decentrnlisatioR and have
. . , examined a very wide range of pi^T'Urm^iax*
I"Ji?.J as L report Wettern possibilities. It has been decided Taxation
1973-73
E
4 * 56.873 2 . 9 WJ 2 SS
09.306 201312
IS 2 2 W) TS.fill
’73 Dm 123 , 701 .
»090 —
E 37 .MS i £ 7 , 3341 .
1971-72 of the group," he adds.
Six months
Year
1073
1975
19T2-73
£IM0
£0B0
mo
Turnover
2i973
10.B30
23.S07
Profit :
1J5U
596
1.W4
Share associates .
36
5
*13
Profit before tax .
LM2
S91
L5J1
Taxation
633
267
600
EstraonL credit.
—
—
132
Leaving
740
334
963
Minorities ..........
3?
40
95
Balance
F*
2*4
i?*S
Dividend
222
114
213
Robey and Co^ rose from £259 m. £60,056 to £92,065 for the half
lo 12.86m. but the rate of increase year to June 30. X973, but direc-
may‘ riot be maintained ht the tors state that these results are
second sis months, the directors not to be taken as a reliable
Losses.
comment
The interim dividend is lifted
from the equivalent of 3 per cent,
to 4 per cent gross— declared as
Packaging 25 per cent. net. Last year’s total
®(“)®? ince 2 ’JjiU j[5* r r,rsC tn move a substantial proportion ^*“1.. pr ‘L fi '
°*LJ 9,S ' ve re W u 1»t cent 0 f the work now done in the City D ‘^S5, Be ln ,^„
;«f„ er K Th,s P^srcss has anpar- n f London to Fare borough. Hamp- »Afi“ “LnS
ently been maintained for the shire, and it is hoped that
whole of the first six months, so removal can begin in about 12 m rnmm^nt
the interim profit srowrh rate— un months’ time. Although this w-ilj * COHiment
, cent ' fire-L" 1 -^ clearly owes necessarily entail quite substan- Although the shoe industry was
much to a subnormal improve- tial capital expenditure during the enjoying a bumper ride^ last
^cur red nierch ant Inn w*™ L the autumn 8 Footwear, Industry li-
occurred on ihc nterchantinn side directors believe that this ehanee vestments failed to hit Dip
".here the group has recently car- will help to ensure for many i“bUc's imagination' shared
also reflects 7 b7rter'iVnSath?n of ^ h reaso ” ab, f e fe’® 1 Sere left vSh the unde” Tremletts Paper and _ __ _
capacity tn Ihe cancretl mapu- acc?mSation. which ii On°e of ™ terS and 0,6 price drifted seems *“ ha,e fit " d ver ^ was"” an "adjusted 13 pe/cenL
facturing division. The group has the company's most significant
been expanding capacity here for expenses. nr"e*m «•#* A . l( ^ * o _ - _
K-ri' t j n'r p f l y ‘ RESULTS AND ACCOUNTS IN
mg on now on fhe back of the -—•« ■»-, ,
current high level of demand. For fl T |< H fQriPlC txrwE AMD Brydohe fPmuvrs) — trust— R esults year coded Jane 3D. vms i.wrp
fhe full year the group looks cap- ^ -
able or doubling its first half
pre-tax level and. with a further and plumbing merchants,” G ’""it fOSMrti Meeting.
extension at Mono-Concrete due to Francis Groan, are ud bv aver 30 November u at u.45 e.m.
come on .stream in 1974 when the per cent., says the chairman. iVL- jSJSSLJ? ° CT ° ber " aT “’ 30 pJD ’
DI\ side is expected to make its G. R. Francis. “ ..clamfielo securities— R esults for
first contribution to profits, the And despite the possibility q
longer-term prospects also look decline in housebuilding he
should show an improvement over For 1972* a figure of £170,492
the 1972 figure of £343585 before *’as reported,
tax. An interim dividend of 05625p
^ net (equal same) is declared, the
rn*^I^xo ro fw equivalent of 0575p gross: Pre-
T0 . June 30, 1973. improved from tnts ,i W9B i nrkn
BRIEF
5L. yea i cn .2 ed y- Marc £ Seposnntwf i. Investmcxits ’fl.44ni’ Orti^rrrS^
reponed September 19. Group fixed assets Valuation Q jm. fJ1.82ni.>. OIMBULA VALLEY (CEYLOB1 TEA—
Current year sales Of heating iraSD-CCj. Net current assets Chalnnan says prospects are difficult to GonslderaUoa of Preference dividend
“““* ’ Tbeitord. assess. Howryer. Board ecpem to main- deferred oufl tradlna for W 3 bee been been withdrawn and dealings have
ftfirtWend. at a. 5 o. Meedn* 37 completed. started in the shares of the new
3KUA.LA LUMPUR
KEPONG
Koala Lam pur Kepong Amalga-
mated has been placed in volun-
tary liquidation and the agreement
for the transfer of Its under-
taking and assets to a new Malay-
sian company — Kuala Lumpur
Kepong Berfaad— has become
unconditional
Accordingly the quotation, has
HUNSLET (HOLDINGS) LTD
YORKSHIRE REGISTRARS LIMITED
have been appointed Registrars with effect
from 1st October 1973
E. P. Mallinson
All communications to:
YORKSHIRE REGISTRARS LIMITED,
VINCENT STREET BRADFORD BD1 2Pj
Secretary
0274-23754
Minim expenses control purposes are foreign cur-
mjss tna-ssm. rency securities.
BRITISH VITA
In last Thursday’s report on the
premises. Current assets £796.29? a .87m,“ ~ "dz STmT PnoerUE* aSat Loss "m dlwosaJ (rf^dresimeats
fKJS.40Bi In clud ing £440.808 <£3 66.915 n Net cafTent babllldes £3LJ4m. 03,348 proet). Administradre
siock and work in progress. Current <K>.7Un.i. Olvidedd of 3 ncr real ta expenses £7JZ3 (£10.85ff). Profit before
liabilities £236.400 <£177.3171 Inclndlns bank tonc^i A | / w ao per cent. » >«> mmo. uc ™ n!
event ralt £69.128 inilj. Meeting. Croydon. vu Interested
October 23 at S pjn, M, Portland
LEIGH MILLS— Results for year ended 12.30 p -mi _ _ _
April 30. 1973 reported September 13. ..... . fn>m Rns No. 1 and Sonne! Lab sections nc hoi no evtranrrfinarv {tom.
Fixed assets £442.829 <E299.7B9>. Net cor- MEAT TRADE SUPPLIERS — Resutra adB lower opera tins; expenses. ProfiJ aB bemg ordinary nems.
rent assets £833.713 (£397J33>. Chairman ? paT el ^« 1 Mart* XL 1073, reponed before (ax Is stated wlUiant deduction
looks forward wttb every confidence to ftSSL,? 8, .P rw ”Lj“ K} awefx mj.TD T of expenses on Imrestnusit projects IrtTYSFl? TTT T AffATVTV
year of ptobtobs. Meeting. S tannin Bley. JSStSI 1 Net current assets £575.344 atnotituiiig to 18.813 In ihe half-year ended l Lfl^LlVlALXIlx
Yorks., October 19 at 4 . & p.m. f£46Sj32l. Chairman says that 1973-74 June jfl, 1973. and OS.4T2 In the half. HoHwwine *hc -rale of
ELLIS AHD CO. (RICHMOND) twine show an improvement In profits rear ended June 30. im and District Properties by Keyser
and spirit merchants! — Results for year c S m ? are 2 w, “ , _ Meeting,. Win- GRAM CAS f insurance brokers and li llrnan n HoldiBes for f97m £XOm
ended March 3L 1973 reported August 13 c ' hesIer Houw - Ec - October 19. noon. bankers >—Intertm dividend B7p not-Sp hawhSSn
FIX£d assets JS09.686 (£780.3«». Net BURNDENE INVESTMENTS (caravan * ross ‘“P”- Pr ? v J ous 2p Turn- ^
tangible assets £322.780 (£759.42S«. Chair- and clothing 1— Results year ended May 9Ve^, half-year ended June 30. iffra. was »SSlied ana fully paid-up capital
man says the gronp conthmes to expert- 38. 1973, reported September 31. Group £232.0M f£142.D0tl and £234.800 for 19731. Of Keyser Ullmanil, the merchant
ewe Increased turnover in current year, fixed assets liaom. fttLSSm.). Net enrreds vmflt before '?•* "s«mn > c 43.tmo bank, to £50m. 5
bot low margins have to be reckoned assets £0.83m. inusm.). Chairaan says and Tax E2S.000 (£19,900 and
with in accordance with counter Inflation that die company is suffering from price rtfi.ODOi. Leaving £38.don i£i9.wn and
Icidslarlon. Group intends to Increase Its Increases in every cost area. In addition £-*9.Q00». Dividend £11.000 m3. 000 and STAPLEGRFFN
borravring powers. Ueednc. Richmond. company te exuerlencitts coatlnutnK B4.000V. Banking division contributed one- ^innliirr.Tr.rr, r..r.7T ■ h a mc««
Sorrey. October 22 at 12.15 pun. difficulty ip obtaining essential soppiies. third of profit. Directors forecast that aiapieisreen insurance tmialngs
CITY AND OVERSEAS INVESTMENT An eixoaregmg start has been made to group profit for current half year will proposes a SCTip issue Ol tWO-for-
- " - "— i. - current year but general economic uncer- exceed the -level of first half. one.-
tainty casts doubt on the prospect Of Arts 1 ■■■■■ " ■ ' • — — ■— - . ■■■■ ■■ —
continuing, —
"In Industry, speed
is often as important
as money.”
Because we want to lend money to the
manufacturing industry, we get down to work fast You
speak immediately to a Senior Executive of the Bank.
An Executive with the experience to assess the
transaction quickiy and realistically; able to
authorise finance. And ready to offer profitable advice
about the structure of your business,
and many other matters.
Write or telephone Jon Steel or David .■ -
Neyland today: they’ll be happy to tell 1 yfej
you more.
LONDON MERCANTILE
‘Speed is an asset’
London Mercantile Corporation Limited, Bankers,
53-55 Queen Anne Street, London W1M 0LJ Telephone: 01-486 5935
Telegraphic address: Lonmerc London VY1 Telex: 23167
r \
J- An invitation to all American |
■ businessmen living in the UK. i
On 23 October and 6 November Antony Gibbs (Personal *
I F in ancial Planning) Ltd ofLondon and Hamilton Gregg & f
■ Go. Inc of New York will be holding two Seminars at ihe ®
I
■ Antony Gibbs (Personal Fmandal Planning) Lid
I 7 Hanover Square, London 1 A 4BG. Telephone 01-409 2 12 1
I
v r-j
Financial Planning) Led ofLondon and Hamilton Gregg &
Co. Inc of New ^ York will be holding two Seminars at the
American Club, Piccadilly, London to outline their joint UK-
USA financial expertise, and how it can help Americans
abroad, and Englishmen with U.S. assets, to take advantage
of Investment opportunities both-hcre and in the States.
I would like to attend the Seminar on 23 Oct/6 Nov*
Name
Address
-Tel. No.-
•Delete whichever is not applicable.
! v~
■5 f
HARMAN, HEDLEY
AGENCIES LTD.,
of Lloyd’s, E.C.3.
are pleased to announce the formation of
HARMAN, GARDNER-ROBEKTS LTD,
who will be Managing Agents for
Contractors All Risks Syndicate 468
underwritten by
BOB GARDNER-ROBERTS
in the Underwriting Room at Lloyd's.
Meecaui. Edinburgh. October
19 At U ajn
GEORGE DO LAND (tofinrs and OIK
fitters >— Results for 1972 reported Jane 23.
Grorip fixed assets £434311 (£381.1401.
Current assets £13372X1 . ffl.413.lfi7).
liabilities fTMJMS (X9ISJI31. Chairman
says profits win be affected by losses at
factory unto sold to August. Retail .trad) up
buoyant enough to cower increased casts.
Final results . should show improvement
and baton) to dividends. Moo ting , win-
chester House. E.C.. October 23, noon.
HA LArsiAM TIN— Results year ended
March fl. un. already Known. Invest-
ments £55.706 i £02/121). . Not currant lia-
bilities £30.773 (£29.379). fleeting. L®.
Cheaps ide, E-C.. NcTcmber 2 at noon.
NORTHERN AHD TRANSATLANTIC
TRUST — Results year ended March fl,
1073. already reoorted. Croup Itrvestnwuts
nUT.4fwi (main, ralue f450JW (£407 JH2).
Meetimr. 99. Gresham Street, E.C., Octo-
ber 30 at 11.30 am.
DECCA— Resulfs year to March fl, 1073.
reported September 5. Croup fisted assets
flSWiu. f£i7.i8m.j. Current' assets
£71 25m. '£57. 13m.). Current- liabilities
£40.1m. (£fl.9ru.>. Men tins. Windiest er
Roirte. October 30 ai noon.
F AND C E UR OTRUST— Results period
to Juni* 30. 1973. and net assets reported
SrprptnbiT 18. Meeting. Winchester
House E.C.. October 22 at 2J0 pju.
CHADDESLEY INVESTMENTS —
Remits year to March 31, 1973 reported
S*.'PlC'rnbnr J3. Analysis of pre-tax profits:
prop-Tty invesunent And development
nw.frjo, property and business finance
IBS.jni. ol*H»r activities £30.633. Invest-
mem propcnles. fun? devffioped. at
director's vaJuatton £1IL5W) f£3tUJ94!,
InvoMmem prope r t i es to course of
development, at cost £4£LS80 (£271,733),
Quoted securities— mother value
Mfi (TO i— at cost .088,688 (£38.0317.
Cunvm assets £11.319 *£33,187). Current
liabilities 079^89 ,(£38^71). iDdudlBS
vromrafts MW® (Bill. Kehtlua. Vfto-
ch»<i-r House. E.d. November 6 at noon.
EASTERN TRANSVAAL CONSOLI-
DATED MINES— Results year ended
June .VI 1973 already reoorted,. fllnlne
assets RT.Km. fRT.lOLl. Current assets
R2 2m (Rl.lSm.l and llaWllliM ftWfi.Drtfl
(RlW.OoS). Mecrinc Johatroestrars
n.rtohrr 25. -
JOHN M. NEWTON. AND SONS
'RciwinK. mass, and uchtinnv— Result
for year ended March 31. 1973 reported
Aucusi 22. Croup fixed uses £323.581
£427.5031. Net current assets £447.172
fC7S.!CB>. nhatrman . says, the Board
constantly seeks opportunities to farther
consolidate ami improve financial posttuto
and profitability. Meeting, East Grtnstead,
October 18 ai 2 p.m.
Lers FOUNDRIES AND ENGINE EK-
ING — Second interim I425p net equal to
£l
t 5 ?
United StateslmstCompairvof Newark
4^ Wall Street
54
tn.
rt-
f.7-
$
United States Trust Company ofNew York banfa and investment houses in the United
provides advice or management for laige States and Europe. e U tea
Our specialised capabilities could well
supplement your current investment
arrangements and enhance the results of
your U.S. portfolio. We are flexible in our
^ subsidiary- i
investors in the American market on a fee
basis — a service we have been providing
since 1853.
We currently supervise some $14,000 million
of assets for individuals, governments,
pension funds and institutions. We also,
provide investment advice to two hundred
London will be pleased to raplorewiSy
the various ways of working together.
in
Oil
U.S.Trust London limited, OneMoorgate, London E.Cjz. Tdq>hone; or-6o68Ait
• Managing Directors : RobcrtBuirt Frederick Goodrich Angus Litdejc^ a *
&
ong
5\"? -
• Financial Times Tuesday October 2 1973
Telefusion
well placed
& confident
UAL review Mr. A. N. He reports that the forward second half of the financial. year.
1 airman of Associated order position is good, in both “There is no way in which we
leasts another record, the weaving and the knitting could be confused with a pyramid
jrectors, he says, are sections, and - it is expected that company We. therefore, -welcome
r the group is poised the performance for ' the second the forthcoming . legislation.
• substantial growth.” half of the year will be similar Meanwhile, we have laid solid
-st is made despite the 1° thot oF J*? first. But this could foundation for the group to show
rurtailment of the 5? aEtected by production disriip- continued growth m turnover and
^oTment VregremEo “JR* ^dTS^somTS profit yeaT " hC rePOrted '
in known restTieUons ° P - D S - ana ’ m some <ases *
under some
n>e'^i*tin nc operatives and. in some
. n . difficulties in yam supplies, which
bo presented under ore belng experienced to
extent. ■' •
through the medium
irstores was severely ...
• the .dispute in the Turnover
id us try and ' subse- Tradina profit ..
acute shortages of Dcprwaagfln
terials.
;t, of the seven stores
motion, three will not wa *‘
Half year
1973 1B72
£ £
1.897J64 1.37SJ77
13.575 . 22.715
29.K7 2M92
lSUaS *6,177
60.550
B0.63S -5.177
Bejam
seeks more
1 shop sites
FROZEN FOOD and domestic deep
-• - .. freezer • retailers, Bejam • Group.
P. Brotherhood 5^ M w Q sg£“ °>Kfe S
. every effort is .being made to
nrnpr hnou acquire suitable sites in both the
UUvIk high street and shopping develop-
• a ments. chairman' Mr. : J-D.Aptnorp
improvms teUs holders.
DnortunTtT^CTnMn" The 1,001111 ta *•**' consumer cent !* of "JnwwTSP although
C0DCen goods industries is slowly leading ^ch year there is a substantial
t0 orders' for new .machinery, increase in freezer sales, the grow-
Petesr Brotherhood chair- j n g number of -freezer owners
to Aprnza, 1073, was man, Mr. W. Gardner. Genuine results in even greater increases
• , , r “il 1 ' inquiries for. new equipment are in the sales of food. He expects
per emit. ijj_* per more numerous and this Peter- this trend to continue. .
51 OnefOpfoUT scrip hornmrh.. hawri . nnwpr nlant . T A ..
During the year to June 30,
additional freezer food
ntil the latter half of
the remainder during
. : of 1974-75.
Viale says this set-back
and the company . has
iservoir, of slt^s with
. ag approval to ensure
rowth. - ■
out, however, that the
ystcnl 'expansion pre-
A S ft 5 ;J
iatn*
scrip borough-- based power plant
osed. . engineering group's order book .j.,- f „ M . r fnnri
es and a satisfactory shows an improvement on a year IS *?, 19.. additional. freMer fo^
;rofit was; achieved by ago, he tells members in Ms
.sion. Divergence mto annual statement 10141 number to 65. Mr. A ptnorp
rinks produced sates . ' says that m order to : service this
oectations." Part of ■ ** reported September 19. pre- growing chain, steps have been
ton dairv has h<wm 143 profits amounted, to £593,285 and are being taken to increase
ess sr-s?
smSt and confec 1575 ■ 000 ■" Total dividend was 17.5
ays -, rat? of P® 1- cenL » ** alnst 18 - 5 *** cent
Srin^SS at 2£ of a year °eo which included a 1 per
•Meatpak Hampshire, which was
formed jointly with - Swift -.and
Co,, and in which Bejam has a
50 pdr cent interest supplies
lamb, beef and pork exclusively
THE FUTURE of the Blackpool-
based television, rental and retail
'and manufacturing group Tele-
fnston is viewed with confidence
by chairman -'Mr. J. C. Wilkinson.
“We are well placed to take
advantage of the opportunities
for expansion, both at borne and
overseas, during the next few
years,” he tells members.
As reported on September T.
group profit, before tax, for the
year ended April 28, 1973.
advanced from £1.7Sm. f for 53
weeks) to a record £ 3 - 21 m-' The
dividend js raised from 1.45p to
a maximum permitted 3_52p gross
equivalent and a one-for-five scrip
Is also proposed.
With regard to turnover —
131.86m. (£16.5m.)— retail is now
the largest percentage at 58.5 per
cent, whereas in the previous year
rental was the biggest at 51 .5 per
cent.
The opening of Trident Discount
Centres will continue until_ there
are about 100, says' the chairman.
Referring to television rental,
he points out that the. policy of
providing additional depredation
on monochrome sets continues
and an additional £100,600 depre-
ciation has again been provided
in 1972-73.
Investment in rental continues
at a substantial rate and about
£10m. in voice was rented out'
On colour, Mr. Wilkinson is
confident of the group’s ability
to build up “very attractive
densities of rental sets," and turn-
over on television rental will
accordingly rise rapidly.
The number of rental outlets
at the year-end was 161 and
further branches will be opened
this year, he says.
Meeting, Connaught Rooms,
W.O, October 24 at 1260 p.m.
on
.251. ^compensation for late W- there are
id for meat products
is to be given for a
plans for a similar joint venture
at Becdes (Suffolk). '. Bejam
Uttley
^ The extremely difficult trading __
sion of the Lofthouse conditions, which had existed for acquired the outstanding 50 per
the two previous years in the cent - in Aberdeen Beef Packers
Beds. October 241 at capital goods market continued (Scotland), and production of this
throughout the 'year. Sales company, which specialises in
remained about' the same as the beef, “is being increased.” :.
previous year, Mr. Gardner Jq oz ^e' r . 'to maintain supplies
reports. of p0r j c> the -pig farming business
A further reduction in stocks carried on by tele of -Ely- Farms
and work in. progress was made has been developed, and there are
which amounted to some £448,000 plans 1 for acquiring additional (and
after adjusting for payments on and constructing further pig
account houses.
Prospects appear better than -at Mr . Apthorp says that a 36m.
, _ ^ ^ ?me during the past two cu f t cold store is at present being
■ver up from £1.3Sm. years— but tabes some tune before, constructe d at Milton Keynes and
'ofit, before tax. of the results of improved conditions the first phase, which will he used
ay on doth manufac- are reported in the accounts, he f or distribution of frozen food, is
n Uttley amounted to reflects • ■ • planned to come into operation
the half-year to Mr. Gardner feels it is too early this month-
173. This compares to make a forecast for the year _ _ , . . „, c
of £6,177 for the but he intends to comment when . The second and thud phases,
period ji year announcing the interim dividend. m -??^? orat, 5 g j5 bol ?Lr' 0 «*- C » ,i-
MFI
expansion
es
tn
To meet the .dem and of future
expansion of MFI Warehouses it
has been necessary to ponder
'the adequacy of warehousing and
distribution premises. Negotia-
tions are taking place to acquire
'site of 20 acres on a long building
lease for the erection of a fully
equipped distribution centre of
about 230,000 square feet, says
the .chairman, Mr. A C. Southon.
he year to February
-e was a profit of
of the improvement
'•dividend Is doubled
t. — 34 per cent, net
ROSGILL GROWTH
TO CONTINUE
v.- : ; jt
will be ready for occupation early
in 1974 and most of this, being In
excess of present requirements,
will be operated as a public cold
store.
.. Rosgill Holdings has just com- ^ re P°^°J °"
-oss total was 124 per fncreaseS frem ^
' second-half recovery Pippa Dee history, the chairman
-ring the six months, told members at • yesterday's
. of production was meeting. . “As we write off the company went. public on June -S.
mys the chairinan, cost at the time, the main benefits - Meeting. Winchester House,
ley. are expected to show in the EC, October 26 at noon.
He hopes to be able to announce
in the near future the completion
of these negotiations “which will
give a firm base for full distribu-
tion facilities to service a wide
network of retail units in the
years ahead and the growing
demands of mail order."
As reported on September 14
with the chairman’s observations
on prospects pre-tax profit for the
year to May 26. 1973, increased
from £1.521.648 to £2.212,229. and
the dividend is raised from 45 per
cent, to CO per cent gross.
The results were achieved by
the continued expansion in both
mail order and retail (household
furniture).
Meeting. Winchester House, EC,
on October 25-at noon.
«The Leeds and yoifve
got it made.
^.50% basic rate income tax paid, that’s
,A HMA- "ai to IO jjo/ a gross if you pay income
Af'KNCIt- That’s the new rate of interest for lump
" 1 savers in The Leeds-with no lisle,
>enaltieSj no charges and no tying your
ley up. When it comes to helping you
:e it, The Leeds takes some beating.
iSeEs
The Leeds Permanent Building Society-the big Building Society for shrewd savers.
Over 1,500 branches and egatis tkrmghtsitsheUJK.
V . i
ic vi' 1 '
Head Office: Permanent House, The Headrow, Leeds LSI INS. Tel: 38181
fthfi‘B% Kvt’^A Member of the Budding Societies Association. Shares and Deposits m the Society are Trustee Investments.
Forii&adiirasqfyauTbrtnieJijSesyourZocalzdephonec &rstt oT y Yellow Pages.
The issued and paid-up share
capital of the bank has
been increased from
£20 million to £50 million.
Keyser Ullmann Ltd,
25 Milk Street, Loudon, EC2V 8JE
Telephone: 01-606 7070 Telex: 885307
m&c
m. mr
Bakelite interests
SEVERAL months of — ■ ■ ■ ■■ 1
P^aOilstifln, Turner sn<i Vnrall
acquilmoh terTTls f . or lhe BOARD MEETINGS
Ptastics interest? 11 or n BaSt* T5le hOnm: CMPM!*** haw Mhfied
— u uueresT* or Bakelite ol Board necfuss* to tte siocK
Cadbury’s £51m.
Spanish deal
CADBURY SCHWEPPES, -the MacDonald have resigned as
chocolates i and soft- drinks group, directors of Sunfield, but Sir.
nas paid £5. 5m. for a 50 per cent. Mountain Is to stay as a con-
staJce m one. of the three largest aultant to Sunfield for the next
Spanish national breweries. five years. In addition Mr. T, F.
consideration is appro xima tely e ^ brewery, Cervezas de Hooper and Mr. K. F. MacDonald
£230 000 tSBO 0.000) cash. Santander, was the franchise to have entered into five .year ser-
prodace and market Skol " lager vice agreements with Sunfield.
The Financial *111065 Tuesday October 2 1973
BRITISH DREDGING
Xylonite, whi^ became tailed ^mpleS^ thrh^Tin^ a
diary of Lnion Carbide Corpora- held tor iho parw»c of <-oa«drriai et-j-.afi respects, of the offer on behalf 0 f Allied' Breweries. ^ rector ’
" - J J - Official of Britfeh Dredging t0 aCquire ^ Brenene^ the Ind
In Spain where it has become one Mr. K O. Boardman has been
of the best -selling beers. appointed chairman of Sunfield
Skol International, which owns and Mr. R. Stacey Tnangnpnj
dividends concerned Z* 01 ureoging to acquire ine Coope, Tetley and AnselLs. coni-
^d tfet MHM bine, A spokesman for AJlied STENHOUSE LIFTS
finals
j a joint manasin" shown lwiov is based nuiaiy on last have been received in respect of commented last night" “We know cTAlt'P TM TOFNCTT
®^. T ajl d \, commented wars umeiabi*. l.Soi.713 Ordinary shares (S3 per about this deal and are ««* liV rRcINCn
yesterday that T and N had be-
come
TO-DJlV
Interims:— British Syohoa
Jcdnsnifs.
not INSURANCE BROKERS
SSS « n ind?S ,n “ l ? 3 H ? f t l! e c^TaX^cS-. E m unconditional as .regards accep- ^TsTtheTiTtritotion oTskol m
fi~ ^ liCS industry, mainly in the fjp a. corjirucuos. r w«sajw > London tances and remains open until Spain— alreadv one of nur mnst
thermosetting sector, in the last s »■ canwr. *■*— iname*. further notice. «SSS2S^*& °;^2_!25
ten years,
would give
and the
-lftimcisinn HlCliCC Associated.
acquisition pi —is: — Amour Trust. James Halst-ai,
IhermoniftcUtJ 16 ^ Hnpetus *2 our Scotrwh MrfTvsolilan property,
inermopiasues development. bhtubc dates
There would be a better product interims:—
range for the group's L"-K. opera- a:-.-j irvesmunr Tni«t
lions and new markets would be A*h and Lacr
entered while consolidating the Crom
rtlnn in n'Kaw "'A”-
Ort. I!
— »t »bou, it It shot) Id .n- ^
announce that, fottowin* recipt of
successful franchise areas— even French Treasury authorisation, its
0 more" shareholding in Sodetc Generale
KEITH & HENDERSON Cadbury already has its own de Courtage d’Assurances, the
Edward Bates & Sons (Holdings) franchise arrangements in Spain OItl y French quoted, insurance
announces that Its wholly owtted and through them has built up broking company on the Paris
subsidiary. Welfare Insurance extensive distribution services for Bourse, has been increased from
,-jns Economisers
Or Id ■ «umuui» bawiionc UISU IUUIMW
oct! i« Company, has purchased a further Schweppes products,
oa. i? 413,000 Ordinary shares in Keith
& Henderson,
W.i.-rtord Class . .
Finals: —
FMl
Li«rcr
Xiw Das Holdouts
x .s. r ootwvar
' Plasties
T ■». . , , . , , Slv-pbr'd*- Eiuioccnss
i and a disclosed its plans for siVnuu^bt
acquiring the Bakelite interests Airjtb st. Ausra .
at the same time as it was an- Slor, -" r Bro< -
nounced that Bakelite was to be
acquired by Union Carbide. Fol-
lowing the latter deal T and X
continued its negotiations with
Union Carbide.
As part pf the financing arrange-
ments. a consortium of banks has
provided T nnd X with an un- , ...
secured syndicate !oan facility for
£10m. repayable after seven years. '* ,B ™
Pre-tax profits of the interests
being acquired were £1.3m. rn ;he
six months to June. 19711. com-
pared with £lm. in 197^. a -mail
loss in 1971, and ifiOAflCd ;n *970.
per
cent, to 20J2 per cent. This has
been done m order to give Keith
& Henderson
status.
its
20 per cent, to 35 per cent
In addition, Sienhouse announ-
ces that Reed Shaw Osier of
Canada has agreed to merge with
J. Melocfae Incorporated, a leading
Quebec Insurance broking com-
pany.
Lookers went
Singers disclosed that it had
acquired a 12.G9 per cent, stake
in the company.
’LAW APPROACH merchant and chemical group. has acquired the business minority holding being owned by announce . . , .
hree months after shares until next Friday. October 5. Fuller and Watts, which serves Draper and Kramer. agreement in principle for the
LOOKERS RFJFCTS
GRAY
Just three
in the company were offered to
?hc public at 40p each. Lookers,
the vehicle distribution and ser-
vice croup, has rejected an
npnroach from Graylaw Holdings
which is willing to offer 50p a
«hr.re cash. This values Lookers
.v 13. 24m. Lookers shares rose
?n to &|p on the news.
Graylaw his sizeable property
interests, but in addition claims
:o be the largest developer of
perro! stations in the VJC. Its
r(Ter is conditional upon approval
of Lookers' Board,
In a statement yesterday, the
f cokers' directors said they had
received an approach from Singer
Friedlander. on behaif of
Graylaw. outlining the terms.
These stated that Graylaw in-
tended to continue to carry on
Lookers' business.
UNILEVER EXTENDS
ELLIS OFFER
UNILEVER has extended its offer
for Ellis and EvrranL the builders'
SLOUGH ESTATES
SETS UP U.S.
SUBSIDIARY
* Slongb Estates is extending
ajxnrisf. overseas activities into the UJS.
.sociate company an( j established a subsidiary,
Slough Parks Incorporated. Ln
G H novnvrvr conjunction with 'Draper and
G." H. * Downing is to acanire ^ a ? ,er Inc "' a leat ^ n 5 real owns one-third of the issued paid-
T. E. lvSrL?fa«J3 management and mortgage up capital of £730,000 of
bricks of day “oofin- t^s fS ban ^ ng corporation, it is purchas- Guarantee London Trust, bankers.
£475.000 cash ^ v,-hictT £3T> 000 is rivT- t ' v0 s,t ^f I? ,aD S? 40 acres Guarantee London is an associate
public in June attributable to the Ordinary and become one of and the share of its profits
vo months later £3,000 to the Preference canitaL , few ^ r lT S ^ ■ c° m p a , Ili ? s ,,* 0 attributable to Corporate Guaran-
' At August 31, "VValley’s net assets ?T 0 i C 0p 311 mdustriai estate in the tee’s sbarebolding will be included
were £tauS7 and in the nine u f t * ^ ^ the Crs t in the latler ’ s accounts "
profits 8 were buildiiicr wU1 be ready for occn Pa-
ended XovlmSrS iSP). m sp T^ of J 974 ^ d , GOLD CROSS SUPPLIES
ivh^n f*rtninlph»d thp nrniAft unll BRITISH SYPHON
CORPORATE
GUARANTEE
Corporate Guarantee Trust now
owns one-third of the issued paid-
when completed the project will
ct tt rrn o, uuttc have a value in excess of $10m.
r ut i.LK 6- V>AIia The development will be carried
Stationery okll by Plough Parks with a
Solicitors' Law
Gold Cross Hospital Supplies
and British Syphon Industries
that they have reached
This is the second time that *be patent agency market In add i- ^ move represents another P«™hase by GC of Eard!»- Europe
Unilever has extended its bid, pon to patent drawing and print- major phase ^ § Iough - s 0Ter ^n NA’. a wholly-owned subsidiary of
which is being strongly resisted “5. ,l operates as commercial programme 381 Eard,cy and lts subsidiaries
by the EUis directors. After it stationers and printers and Is a J ~ *
extended its offer a first time. suPPber of graphic art materials-
Ellis's chairman. Mr. Anthony
Everard, wrote to shareholders CONVEY ANCER
urging them to reject the terms. Rubery Owen Holdings offer for
He said that Unilever was Conveyancer is declared uncondi-
“ locked in ” with over 21 per tional and will be extended,
cent, of Ellis's shares and it
“ appears to us therefore that the
only logical thing for Unilever to
are engaged in the distribution of
hospital supplies in HoHand, Swit-
zerland, 'Austria and Germany.
The consideration will - be one
Dutch Guilder, and provides for
the relase of BS from its -guaran-
K. O. BOARDMAN
EXPANSION
K. O. Boardman International
announces that through its wholly tee for borrowings in HoHand
owned subsidiary Gillinson Hold- amounting to £317,073. Turnover
T. W. WARD-KETTON “i 5 ! it « h ,^o a i quiped J he . capital * Eardley for 1972 and the six
oniy logical wing lor L-nnever to Offers made on behalf of Thus. ?J a SS h££L' 1S73 ’ M '* re
do now is to put forward a higher *V- Ward for the capital of Ketton orks - ^ for ^7L977 and £Kl240o respectively,
offer to take aCCountofthe Portland Cement not already “ A *"*1 f0r t uI B7? - “L 1 ** **£5
special factor, relating to your hold by Ward ha™ been declared KJld ffluTS V j“ e 30. ass^^d
show net tangible assets of £93,000 £27,887 respectively; .Vet tangible
anrl nrnlifc Kafnra 1-10 ann V. . nn ..
MINING NEWS
]
Prieska still in the
teething stage
,r2t‘
ii ?*
BY KENNETH MARSTON
Await: os
fuller
hopes
information
to make i
ALTHOUGH delays tare, been rewards. ,■ Anglo-Vatd l has ta ^ Si , a
SSgfft X £ GUT’WSUL?”* STSSS
SSPWi ^ ceou “* ste 43 *“ Si ;
copper-zinc mine in South Africa's . Chatman’s Statement, Page 14 «*™ s 25 ce nt, a nd Canady
north-western Cape Province. Inlernatioiul Mogul has th
And providing that metal prices tottw Tt C UA\T remanung 1-7 per cent, or tselea
firm and existing currency WtW U-N. MUVfc zir.c mining operation 4
parities aremaintained no great nv f ATR FfCT |Y« Tipperary,
change is expected from the " 1
estimates of the final capital cost A S14m- offer for the, nAY n»nv vro
of RSOxn.. or £37m-, which were approsamatriy. L-ltn. shares and KULivD Ur
made in 197L . , v sSTSSe Pointing out that the vi
In his annual statement, the ?* ^LSinWfnrSv Mitchell Cotts and Taoganyi&
Priesta chairman, Mr. R. T. 5 ^, SSTSSa Conresrio ns groui^ will not i
Swemmer. says .that increased Amm 6 ®. ^rSa- exercising their options on furtliii
n^ne woricing costs (excluding -rC S ia Northern Mining. &
freight, marketing, smelting and s ? u l B „f d ^. 0, ? h 55“^ Australian company s managai
Si charges) are now of Wh per sha«,. that "wi*
, « B7 Dfr ton of ore upon SO pec cent, acceptance.
estimated at n< per uni Ui u, . e A_ t.,] v «n tinimot and VzGOIl
rea U <*ed. V BSt he^makes^predifr *5? **** ^
3. ,, , .
Production started m October m gtals. Its operations are centred Of the major events in Its y®»
last year, ahead of the eariy-1973 on York, Philadeiphia, to June 30. Northern Mining ljsfc
target, but despite higher metal chkaga Detroit, the southern the acquisition of control oral
prices and shipments of 19,900 united States and Los Angeles. iron ore reserves— -800m. to
tons of copper concentrates and
SILVERMINES
the acquisition-
director comments that 41 th5
the loss of this source of fuc4
is regrettable, over-reliance #r
foreign capital can be samewta
of a handicap" in the prescs
Uni met supplies special steeijk Aus ^ raii3n po utical climate,
13,700 tons of zinc concentrates m
the period ta June 30 the- mme
incurred a working loss of B2Jm.
(£I.5m.J. At the latter date tiie
build-up in the monthly _ milling
AWAITS TALKS
tons — in the Murchison region pa*
the negotiation with the Wefljeir
Australian Government ot" ;
proposed $140 pi- (£S6m.) sebeat
for the development of thea
.rwn.-iu- .. Dublin’s snvermlnes, one of the reserves. Northern Mining wen
rate was about 23 per cent behind companies which has been hit by 5p yesterday,
planned levels. the Irish Government's decision to Mining Corporation of Amtralk
Apart from the usual teething take away the 20-year mining tax ^ withdrawn its bid for! 1 b
troubles. Prieska has also suffered holiday which was granted m shares at 73 cents per share ir
from a more complex ore struc- 1967. has requested a resumption Allied Minerals which owns njtik
ture than was foreseen. This in dealings in its shares. They 3^ zircon deposits at Eneabba
problem is being gradually over- closed yesterday at 53p which isj> niiles nonh of Penh. \IC^
come as are earlier metallurgical compares with 64p last Tuesday already hold* 1.02m. shares ir
difficulties. Currency changes evening. Allied Minerals plus options tt
hgre also had an adverse effect on The company notes that the take up a further 0.63m. share*
the company's fortunes. present tax system is to be at par prior to March 36. 1976.
80 here is another example of replaced by “ an alternative South Africa's Angta-Tnmsvu
the difficulties- which mining com- system of taxation allowances." Zt Collieries says that on the iiSMuxp
panies take in their stride and adds that M the Board is pleased tion that no dii’idends will arena
which are conveniently overlooked to note that consultations will from Wltbank until 1977 it u
by Governments — not in South take place between the Govern- proposed to maintain the present
Africa — who concentrate their ment and mining interests, before level of distribution out m
attentions on the eventual such legislation is introduced." reserves.
company.
ALLIED POLYMER
In a move aimed at expanding
share of the world market
unconditional and remain open
until further notice.
and profits before tax £2S,500. assets at as June 30, 1973, in dud -
In the directors' opinion the mg a surplus on revaluation of
its share of the world market rosier uommg corn- kcess^Soffi? 1 ' Bv“5rtu? $ P ^ri5r^ent fl £ 23 r further
for submarine and floatmg hose pany has reached agreement with the reduction m the «n|J, -JJ 1
for the oil industry. remuncration^nd 1 ind^ase^sales ^om ' activitieR^uf^Imop^ Once
FOSTER BROTHERS
Foster Brothers Clothing Coni-
However, the Lookers directors Pnlj-mer Group has acquired the for its children’s wear subsidiary. anticipated pro6u before tax for wmpleted Gold Cnw 5l» have
said that, advised by Samuel capital of Hewitt-Robhw (Greac D. P. Adams, of eight shop trad; the y J ar Mareh 31 ibtI dStirtaitio^ nnetwotSta firtS
Montnsu. they were "unanimously Britainl the London-based subse mg under the name of Kid-In. <h n „ 1/1 nftt kn lorn oU^ai r-A AAA 1 1 r_ J JL ^OIXI
resolved not to accept such an
offer should it be made."
In the meantime, they advised
holders not to take any action
until they heard further from the
Board.
GRAMPIAN TV
diary of Hewitt-Robins. an operat
ir.g dirt sion of Litton Industries
Incorporated. The group also
takes over the Hewitt-Robins chased Campbell and Sellar,
international export sales office Aberdeen, garage proprietors, taxi
at Orangeburg, New York. Total operators and funeral directors.
should not be less than £50.000. mon Market countries and Switzer-
Sunfield arc letterpress printers land and Austria.
Granminn Teierfeinn hai nur- ® ubst ** n tial group savings are ft is anticipated that completion
Jt a* *«JSL “ijcipated by this acquisition. should take place at the end of
Mr. H. Mountain and Airs. P. October, 1973.
JEFFERSON SMIMFIT GROUP LTD
Interim Results
Un-Audited figures for half-year ended 31st July, 1973:
Turnover
Profit for the period
Share of profits less losses of
associated companies
Profit before taxation
Taxation
Extraordinary Items
row
Profit after tax
ordinary items
Minority Interests
and extra-
6 months to
31.7.73
6 months to
31.7.72
12 months to
31.1 .73
22.973
10,920
. 23,807
1,356
.586
1,544
36
5.
(13)
1,392
591
1,531
(652)
(267) .
(690)
—
■ —
122
740
324
963
52
40 .
95
688
284
868
13
9i
28
3-2p
2.4p
7 .Op
£222
£114
£213
7.7p
4.0p
10.4p
6^p
3.4p
8.3p
Rate %
Dividend: Pence per Share ...
Total amount (net)
Adjusted earnings per
Ordinary Share:
Undiluted
Diluted
■Note: Earnings per Share are calculated on the capital as increased by the Rights. Issue
m August. 1973. but after making the appropriate adjustment for interest paid on
the consideration of the TPP Group.
INTERIM DIVIDEND
The Directors have declared an Interim
Dividend of 13^ (less Income Tax at. 34%)
on the Ordinary Share Capital of the Com-
pany. This payment represents an increase
of 36.8% over the Interim Dividend declared
at the same time last year, and is in line
with the expressed intention previously
declared that the Board would be recom-
mending. in respect of the year 31st January.
1974. total dividends of at least 36% (less
Income Tax > on the Ordinary Share Capital
of the Company as increased by the Rights
Issue.
The. Directors are happy to report that
following discussions with the Revenue
Conlraissioners. f he wmnanv mil continue
■— nefit from the relief under Section 332
of the Income Tax Act. 1967.
results
When the quotation for the Company’s
Shares was restored at the end of July, the
Directors said that (he current year had
started extremely voll. and that the profits
for the firsi four months’ trading were well
ahead of last year. The results of the Group
excluding TPP, show an increase of 65%
on last year.
TPP
The acquisition of the Print & Packag-
ing interests of Tremletts Limited has been
completed, and we are now in full manage-
ment control. We are very encouraged by the
current level of operating results, by the
calibre of the people who have joined our
organisation, and by the products and
services they provide. The earnings from
this 'acquisition accrued to you from 1st
March, and in the five months period to the
end of July, the trading profits of these com-
panies were 45% over the comparable
figures for last year. As a result of capacity
problems and labour shortages a lower
growth for the second half is foreseen.
PROSPECTS
The current demand for all our products
in Ireland, the U.K. and Nigeria is excellent
As we are well into the second half of the
year, we. are confident that the high targets
we set ourselves in the original Group will
be fulfilled, while profits of the companies
we have acquired will be materially better
than those of last year.
Profit -Margins are however, constantly
under pressure from the continuing efforts
of the Governments of both Ireland and the
U.K. to contain inflation, and this must
restrict opportunities for us to recover our
Increased costs in the immediate future. The
fluctuation in exchange rates is creating
considerable problems in regard to the pur-
chase of- essential materials. Longer term
demand for the great number of products
ive produce is likely to remain strong. This,
added to the better balance which our Group
now has as a result of the TPP acquisition
gives me considerable .confidence for the
future, and I am optimistic about the con-
tinued growth pf earnings of the Group.
J. J. SMURFIT. SNR., Chairman.
Share Registers closed 3rd to nth November. 1973. inclusive. Ex-dividend
loth October, 1973. Dividend Warrants trill be posted on 1st January, 1974.
PACKAGING, PRINTING AND OTHER INTERESTS
date
Charrington Gardner’s
£7m. for S.W. satellite
,*,?V Ti ? gt ?JL J ? a I! l “ er t L S c , h * t FAL Ls 3 specialist company
mor 4 .v^L? 1Stl ? ntl K n ’. f^sased in designing and market-
“ er( * 3ntin ^ and vehicle distnbu- mg trunkuig systems and is com-
tion group, has emerged as the plementary to activities within
bidder for Dundee Perth and TT/i industrial electrical division.
London Securities, the Slater of which it will become a member
Walker satellite company. The company,
terms value DP and L at just over
£7.1m.
The deal - is agreed and on the
news DP and L’s share price rose
7p to a new 1973 high of 102p.
LONDON AND
ASSOCIATED
London and Associated Invest-
UNIT TRUSTS
VAVASSEUR
FAR EAST
to a gross payment hi Guernsey for the period (S.OSSp net for las;
of L5p. Payment will be made on year).
Nevember 15. The corresponding
payment last year was o^p net
Continuing the development of per unit. The total distribution
its investment activities overseas, for the accounting period
the J. H. Vavasseur group amounts to 1-S5p net per unit,
announces the introduction of a compared with L45p for 1972.
new unit trust specialising in the
Far East. Units in the new fund,
Vavasseur Far East Trust, are PRACTICAL FUND
SUN LIFE
PENSION PLAN
Sun Life of Canaria' has launched
a new personal pension plan for
the self-employed or jieuple in
•r ~ ■ . , wai/ non-pcnsionablc employment,
now on offer until October 22 at After 12 monthly premiums hare
»0p each. The aim of the trust is The Practical Investment Com- been paid (minimum XlOj snide
investment for long-term growth, pany announces that the Final premiums of £100 upwards aurs
Investment will be m a wide Distribution on Income . Units of be paid whenever the investor
range of Far East equities rover- The Practical Investment Fund wishes. Premiums are placed in
mg Australasia, Japan, ' Hong for the period September 27, 1972 an investment account which is
hong, Malaysia, bmgapore, to September 25„ win be L($2p maintained by the company (or
Indonesia and the Philippines, to- net per unit payable on October personal pension plan businecs
gether with UJw. companies 3L 1973 making a total of 2Jfi9p alone. Apparently the fund has
which derive substantial earnings net for the period compared with “carefully chosen” assets, but
from these conn tries, initial 2.616p last year. The correspond- the managers do not give anv
concentration wiu be m H ong ing retention, of Income for indication of what they might
Kong. Singapore and Malaysia. By Accumulation Units ' is 3.3&4p net consist
means of a multi-currency loani
Vavasseur Far East Trust will sub-
stantially avoid the adverse
effects of the Dollar Premium.
M & G ISLAND
The final distribution on
income units of the M and G
Island Fund for the accounting
oeriod to September 27, 1973,. will
be lJ2p net per unit equivalent
f exTi acfr JUST PUBLISHED f
timMaumoNamuccs GOTFinaRcialaBj FoTBcastiog Survey of
I HOTELS and CATERING 1
j Price: £25 Enquiries: ExTrect, Freepost, Winnrnh Tel: 0734.781472 [
Charrington. however, fell 4p fo * UTO “Sr* 3 ?;™ ""***■
53 d this war’s low- V meat announces that the contract
,ow ' , . has been completed for the sale
DP and L announced just over of the portfolio of quoted invest-
a week ago, following considerable raents to the Kadnna Syndicate
market activity in its shares, that and that listing has been granted
discussions were under way that for 1.049,687 new Ordinary shares
could lead to an offer somewhat of lop each in Kaduna allotted as
m excess of the then current consideration. This Holding repre-
T* 115 prompted a 13p nse seats some 30 per cent, of the
no ,, a r.» ji enlarged Kaduna capital.
DP and L’s directors will recom-
mend the terms and, with Take-
over Panel consent, have irrevoc-
ably agreed to accept in respect
of their lOi per cent total hold-
ings. Slater Walker has given a
HACKNEY &
HENDON
Listing of Hackney and Hendon
similar undertaking in respect of Greyhounds Ordinary has beep
its 20.5 per cent, holding of temporarily suspended - at the
DP and L’s Ordinary shares and company's request pending pub-
6L8 ' per cent stake in its con- location of reorganisation par-
vertible unsecured loan units. ticulars. The company is planning
DP and L has sizeable interests to merge with G. and W. Walker.
In distribution, transportation and
warehousing which, it is felt, will t m-r nnne
be a natural- extension of Charring- ti lLL Cl 1 HKUb.
ton’s business. It also owns the Gillett Brothers Discount has
Falkland Islands Company, which e:Rrcised Its option over Kirkland-
bas sheep and stripping interests Whittaker Group. It will acquire
m the Falkland Islands. the outstanding 47.54 per cent.
Terms of four shares and 12op shares In KW for £950,234 cash
® f J 1 ?* per ront unsecured loan which will be provided by a
stock for every three DP and L medium-term loan from an insti-
Ordmary shares and for every tutional source,
three loan units. Accepting share- ^ KW group provides a com-
holders will be entitled toretain P i e te broking service for inter-
the final dividend of i.fflp per ijank, local authority and cur-
share, payable on October 8. Loan rency deposits, foreign exchange
unit holders will rank for interest
due on October 31 at a rate of
£3 per £100 nominal.
At Charrington’s. current price
and taking the loan stock at about
£83 per cent., the terms value
each DP and L share at just over
105p.
Slater ' Walker has advised
DP and L, while Charrington hap
been advised by Lazard Brothers,
who will send put offer documents
as soon as possible.
CENTURY
SECURITIES
Following the July announcement
of Century Securities’ purchase of
50 per cent, of the voting and 60
per cent, of the non-voting capital
of Hamilton Wholesale Supplies
and. Hamilton. Electrical Distribu-
tors, the chairman of CS. Mr. J. M.
Moody, anticipates that attrib-
utable profit for the year ended
March 3L 1974, will be £316,000
before tax, or 9p per Up share.
Subject to any restriction im-
posed dividends totalling 2p per
share would be proposed.
Mr. Moody says the Board is
confident that the acquisition is a
positive step in the expansion of
the group and recommends share-
holders’ approval at an extra-
ordinary general meeting to be
held at the Midland Hotel Man-
chester, October 23, at 3.45 pm.
NO PROBE
. The DTI does not. intend to
.efer .to the Monopolies Commis-
sion the proposed merger
between UCB (Investments) and
British Sidac.
TUBE INVESTMENTS
Tube Investments has acquired
the capital of Fluorescent Applica-
tions. The consideration amounted
to £100,000 payable as to £10,000
in cash and the balance by £23,076
of Tl. Ordinary stock.
and industrial finance. For 1972
the profits before tax were
£352,368.
COMBRIDGE
JACKSON’S
C. Combrldge of Birmingham
and Jackson's Library Service,
Liverpool, are merging their inter-
ests to form a new company—
Cambridge Jackson.
if
■ US $31,000,000
hfctfiumTennSecaredLoan For
is .
TEL^NSWORip NOS 1 &2 TANKER SERVICES INC
Members of
(THE CY TUNG GROUP)
Itfanagedhy
CONTINENTAL ILLINOIS LIMITED
Cb-Manageaby
- FIRST NATIONAL BANK OF BOSTON
MANUFACTURERS HANOVER' TRUST COMPANY
. ’ TORONTO DOMINION BANK
IvffiRRIIX IYNCH-BROVVN SHIPLEY BANK LIMITED
-aCRQL1>-Li^IX)W-HC^KO^-'rO^O-^-VOR,c.
*
». J •
i. - V l
RECENT ISSUES
EQUITIES
ISMX'
Mee
p“ j :
is,
1973
•es* a- si s —
-t |*"= ] High I Lot
Stock
■Ifli t+or”S-l!iikf
go. a, — ' >-s 13X
P J :0"« . J. I
tt'-
U
£95
19100
4
*
120 |
♦ I
V t
67 )
bl j
4 i
a 160 •
d!
46 ,
rj*,
JrJ?.
F.l*.
FJP.
r.P.
FJ».
P.l*.
F.P.
FJ.
TJ".
r.p.
r.v.
mi
p.p.
:26/10t
I
140
160
£135a
rfHij
£2514
67
60
95'
165
£555fl
£l<ll
F6 .
7S I
120 jBG. Sfccirritfea (50c).».‘120 j
£1B lBelLAHowelL„...-. - .„f£l8i B |_i 2
48 lUaJrmace 56 J
£2«8(CleFrti»t»aPttrol«*B':£25l4| _. fc ,
WmJaniM Anatia Steel ,„! 66ifl|
tw jJoufti (jmuudun> ' 59- ,
K ■Ovenrtone larflZjctjfl I 93 J
154 iPrlncwfWftlM ( S’port); 1 54 ,
£53>e!JEUcb«nls«i, Mene0.-.i£54 1— U
E ii l «!l KW -!*141 b +1 8
20 lltoTO&Cfity werJorotdF- 57 l+B
49 IWwrwell ffip). ...IZ1 75 !
: elS j 1.8;
l?L» - i
2.1;
! B4e f- t
TL7T
■ 12Pr. 2.5;
.• *14 1 2.4
' ad I ; >.6]
■ MLOcj 2 . 2 ;
;S1J» -j
! fMul'l L7i
B.5I 9.7
1.6! -
6.6IU.7
ISi -
8.9 6.6
4.7(123
7.61 7J
SJSi- ^
6.7' 6.8
2^!:20JB
L2l.~
,2.4f-
4.7] 17^9
FIXED INTEREST STOCKS
• ,■£ ^ t,
l.rtir ; = 10 35I
H;*c -■= 5 *e ESJ'
1813
I* -rlHiahl low j
'Stock
w-
;i 1 f.p.
£94 F.P.
:: i kk
£94 I F4*.
Itp
26rlOj 103
24/b
86;1CH 105
Pip 1 Boult 00 (Wm.1 8i% Com. Red. Prt 67o i „„
92 Sa t An g Uen Wetar 7% Had. Prf. 1978. (92
talB'lireoaao’lTutA ilj£ Unit im^l . 1 sib
92 Banlepwb W»tvT% fieri. Prf. 1S1S^.-J 92
5100 - F.P.! - ; ftUXUI 8I04,Unw, C-C, 0^“ US? Bds.7&^L._„ ™!Sl0U! + 1
■tomw g5c'a“2i
Uft6
• I High low
Stoat
K*!*te9i W 96 :UqpS«B«k7.
S*u' 1 SH 1 ilMbiad "8«ate
P.H.; 2/11 j®q; 90V Do,
F.p:;i9rio! -
. FJ?
1
i i 3 j+w
52 ■
■W.'lOS 1— e
7*4 n E <" P**- 01 <-«
P 19rtt 1 25*! Sh"*
i'lsiin ff*! g„.J
“RIGHTS” OFFERS
Stock
' CUwing j- cr
I Prieo ;>
ASlrf ■ oil,
“ ■ Sft {wi}gS5S5Tw*
_ . —■ l*ao Jnw.
;7£ \^X**^A**r*.
42 pm<
25 '
: ” XMixmnuTFinrtii Hriflb, — :»
- g. t "■ i 1 ? 11 j-
- ITpm,'.,
Pawoditk® date mtonr uu ex, ft* dmUax tree at
^ "«? « ■»« ■ WMfc. nSdSf ™.
Piste*
SWaWe os : patt cartm!; auer basee a& dhidma^e,! r»*i
onlew otherwise inaJcated. 1 Fawns on r.^ D C8i ^P Pu£ *
un t» m . _ . _ okwi on pr«pe«B3 or nltvfji MjmM for
of ontasus dures M 1 -righto.- vissSttte w J?
Of nriaUatiOD. tt Tender iDonnent price. V
wttft. worgankaumv merger or ♦J WmrodwcwL ss Issued in nnM«too
cjuuHinem letters (« fulb-oaldi. r PrevUMag] & ^rtb-paM
I-.’ -■* ,.
' ■
. •"■>., ' ‘
i-i . .[ *
•*» .
Prcferepcc-lroldas.
BOotmert loners, j WHh wtRnnts.
inaiidal Tonies Tuesday October 2 1973
29
awe profit well on
get at £1 .17m.
M. P. Kent beats its forecast
ON A TUKNOVBR .up 159 per The group's- head office waa**away to a markriily ' bettet
cent, to .£9.29m.,~ group pre-tax reviftuecF at flm. .(it March Si, start " than- in the pest year, and
profit of property and bouse 1373) throwing up a, surplus of " significantly increased profits are
developers, ML P. Kent, expanded JEOJ&m. which tias been. taken to budgeted from this source.” says
to a record £1 .728,689 for the year reserves. ' - : ’ ' Chairman Mr. P. A. S. Wood
to June-30, 1973. This compares Meeting, S6-8S, - CterfceirweH Pre-tax profit for the group, as
'V 1
with last ApriTs forecast of m Road, 32-C-. October 24 at*S pjn.
• excess -of- £l£m.. -and with the'- - • • • - •• ’
f’PJJf rife share £5Q2£41 for the previous year.
.p to 10-SP- Bantings per lOp Share in-
An interim dividend of 9.24 per creased from 74p to Z99p and the
cent, net fe declared. A total of gross dfvidend is stepped up from
equal to 18.48 per -30 to 45 per cent. Tbe r final Is
was forecast The ZJilp per share net-equal to 38
1 ti
* 1
u J
Sira time,” redeploy the considerable '(£73,818). Earnin
*_ Rroup funds presently absorbed, increased from fi
to April in the industrial division within
red with a forecast the banking division.
uess Of £950.000 " Wi« aei- » acmureu.- .« ‘«i« «* puw umurau n snvi^v
SaTim fonoww f **P gross - equal to 18.48 per -30 to 45 per cent. The
tween Grimshawe sombtS.® £ cent net — was forecast The 2Jlp per share net— equ:
•R. Grimahawe and LfcSEuiilSSta' subsidiary, in company was made .public last Tier cent, gross. And a one-for-
J^anmsfaawfiand *MehJM«»d B^lbrnte DeSber.lt fs engaged in- the Sne scrip W is proposed,
sale, repair and maintenance of The chairman, Mr. M. P. Kent,
vehicles.
poratkwa has a 25' per cent stake .
itn the provision
1972.
-terim dividend of in conjunction wi
-hart in lieu, of a of substantial facilities, and the
d^on the capital of -formation of First Northern
increased .-by. the Securities, the group’s instalment
{deration for.P, R. finance and banking subsidiary.
I (Jo. and by share Further expansion moves are ex-
erne conversions, pected to be announced shortly,
for the lfi months’ the directors promise,
rivalent to 30 per . - - - -
&«east_ gamings •-comment
-flp. per ap Share.
ts of P. H. Grim- ?£*™ sha> ^ romped past , its
the tanking 19 ^ 2 Profits forecast m much the
le -year amounted ^ an ^5^ yIe 11131 indicated in
Atlantic
Intnl. Bank
growth
reports that the company’s pro-
perty development programme
Glossqp
nears £*m.
at halfway
.T89jl20). Thjbs is
December . .and in much the Profit
before' tax.
Rank
reported on August 31. increased
from £66*184 to £378,643 for the
year to June 30, 1973. This in-
cluded - - the newly. _ acquired
Kingsley. and'-' Keith Chemical
Group. ■■ Dividends totalling
2.4S57p, the! maximum permitted,
have .already been paid;
To" provide (ho group with the
additional funds, required for ex-
pansion, a . five-year loan, of £l-5m_
was arranged ; with;, the Midland
perty development pcograujuio 4V ATWAWte ;» A—t hsir m-n.n, Bank Finance; Corporation. At
bs jstr^st a
prtme maior inTC5tme „ t
During the last few weeks. Sites iyVthp vearVPded January si. continues ’ to be' 3,5m. -Ordinary
for commercial development ‘ in tISte shares of Crbda International
Scotland have .been obtained and l2Z’'v?j rOUp taxflf> e proSts were which yielded £73,500 in gross
the comparer successfully An inisrlni dividcnd ofinD net dividends. 1
' " dered with the local authority for . 1^233”™? w An cieeutive share option
the Plywptoh . shopping complex, S^^e^pSvffdTtSSl^S schewe-is premised. .
and baa purchased 12 acres of in- ®r®“- tn 147 /Sw l t ■ Meeting; Connaught Rooms,
of Atlantic dustrfol and ; wmtante- M eq ^ profit ' J ^terdepreciation .November 2, at 1130 ami.
rose' from situated near the MS in: Stafford- £ggooo (£57,000). ... . .... ,
.nj the 6 K'SSwMWWft? flu year shire . well : represented ^ director indicate" that
..,dxW effort. High demand for. ended June* 80, 1973. . .- m %£ order books jrtill.i^ect ^a yeiy
_ before .taxation
of ibvcstihehts of
fbrecast for thi«
50,000-
»m - this the addi
Ion payable
Gri
effort.
awe's corporate
finance
' 3 H Sf:
K
iattfacM-T work
approximately 490,000 tlon-
feet near Newton Abbott
and
pofii-
SSSSSSsjsW =o.^Chemic8l
National
Sunlight
alders amounts °? Tight continued to ifibw, with more than ^j. e buoyant.
t° (4 fiffi *?8 to?** « «*"■“ "1&S2&'
M
'i k\
■for one- p » “ which case Grimsbawe will have countries directly . represented
for one- F. K. * lemy of. cash to^ inject into its ton^br^cheror o&ces, and
banking base. But' given this a
re^SttSmal shares SS .Braupi i* not i n consortium banks.
. keen to disclose its- present assets
The residential land-bank of
some 400 acres is well situated
Lrongh proncnes otjhd~, «m geographicaUft and the directors
furSer 40 banks throwh«iui& areconfideht that the' -underlying '
inese iac- y a j ne of -land and property
tha .him — T r~~~77,T7~r. T„~,ri«^ development affords a firm base
the shares, increasingly competitive business for f atU re growth,
of climate. ■ .
tors have contributed to
Securities
confident
A ’small . in'crCase in group pre-
tax profit from '£152,949 to £135,610
is reported- by National Sunlight
Laundries.
For 1972. taxable profit was
Ail- interim dividend of 23 per
cent net — 4 per cent gross (same)
rnnri.w-ti.-.t , Position. Aj for' the shares, iJJ^easingly competitive ' business r^Zt^lr^h°* * D “ e Investment income growth for has afceata/been declared, and
conquer- tbat,one Gnmshawe's own version of climate^* fQr future Krowth - Chemical Seenrtties will be limited It Is hoped that a commensurate
nature, of the 1972-73 eamings-taking ^ ^ 19n f~ byPtee Two regulations and final dilution wifi be possible;
*5J S the capital and putt^thetodustrial . ^ Sales oj»s,78i 5^s«s.«7 later, it is anticipated, by Phase the total -for 1972 was 1135 per
dfs on Which the side In for 16 uionths-pointT to conditio^ Atianfac^^in te^ « %»■ Throe.. However, the directors cent -
,<4era ^S5J? as * p^ e «f around 18 at 24p, which P^ 011 ^ 3 growth continued, h« wdu , ^ a,SS7 believe the companies in which After .tax: £73^15 (£24^75) the
4 **»*' - t( > abont 22 at the 1972 add - . . - f. it has holdtags should* be -able to half year’s net profit is £81.605
. been adopted for- suspension price (40p). Taxation for the year expanded w. Dave? and its snhSSary companies meet such dividend increases as against £128,072-
ng - pre-tax profits -from £102.699 to £145,069, leaving cover is months to June 30. xm. Pre- are peimissible, and they remain As anticipated the Feni-Data
exceeded £750,000. - . profit after taxation up from ^ p , ro8t l.Sf confident of -the long term capital Service Bureau is fulfilling ex-
tors are; unable: to Tern-CftllSlllatP HS2358 -to £188386. ^ n ? te jS^ ' fOTther
V/UUoUialC . t. «- k-.t,v Ae ronorto^ See Lex • - On the trading .front, it is tial busines
Zetters to
■'» S — — V - - it is a British bank. As reported
Jww- consider^ .Manufacturers of shirts and on September 24, First Peimsyl-
dont "this “ hiahlv Tern-Consulate, incurred a vania Banking and Trust Com-
tosi«- ’in "the first-half loss of £18,017, against pany. United California Banlc^ and
wlves^ This treat a Profit of £S49fi79. And the Basque de Neufiize, Schlumberger
fit the current and chairman, Mr. D. G. Bertish, are disposfaig of their holdings to
results and- ' by "warns that -profit for the year is- the remaining five partners—
- rndte dlluthm; t 'wfli unlikely to exceed £50,000, com- Banco di Napoli (Italy), F. van
es andass*^ per Pared with £236,1)39 for 1973. Lahschot Bankiers (Netherlands), - ■ m *h,;***tl*
^tore benefit Trading conditions were diffi- Charterhouse Jftphet (UJC), and
Nture benefit <* all ^ ^ ^ jgjiifacturm National Bank .of
exacerbated by currency losses Dettoit, and the National Shaw- R Zetter staaxes
f rl ? ’SJJSSSE due t° fluting of the pound, murBinHf Boston (US.). *** vlews -
the chairman adds.
already, dear, that the group
business
is this year.
has been obtained
U.K. told to
against 4 European
in tourism 9
EUROPE- may be driving- away Previously, overseas ■ visitors
lucrative American * tourist, -travelled pteinly - to - London,
■traffic and Britain ' must avoid Stratford-upon-Avon; Oxford or
being identified with thin main- Cambridge,
land Continental trend, said Sir To-day they were visiting
Alexander- Glen, chairman of ^the every part of Britain, including
British Tourist- AauthOnty ^ remoter parts of Scotland
yestqrda*. - and the Welsh -valleys, where
Sir Alexander,' who was pre- new hotels and amenities have
senting the annual report of -the added to the lure. •* ‘
BTA in London, spoke of news- The BTA’s activities in 1972
paper stories in America about were ■ conducted against a hack-
disappointed tourists returning- ground of international currency
from Europe: There was an im- crises, a domestic price ~ freeze
pressiont hat the .Continent was and . the. failure 7 of the worlds
becoming “ indiscrinuttely exor- airlines to agree a - rational fare
bit ant.” structure, especially on «**
“What UUy fools caa get up ^
ttey J* 1 °T! r 5? nfi J dei i t * For the first time in almost 20
oved-charge, kick old friends in yehrs the number of visitors to
the teeth and forget that there Britain in July - and August
well as a yes- actua ily fell by. 1 per cent. How-
terday, he added. ever, the report emphasises the
“We have to overcome- those, developing trend towards .nifire
convince our American friends frequent but shorter visits in
that Britain is still a place of the cheaper and less-crowded ofi-
good value and kood ; welcome, peak periods. "
We have to show how truerthis is Increases in ■ hotel and
in less known places and we have restaurant prices were proving to
to co-operate with the American b® more - modest than suggested
trade so that these can be found earlier. Following the floating of
more easily.” the pound in. 1972, the majority
tjta .k.* of foreign visitors received a
w = re ^ )or ^ shows that better rate of exchange for their
nearly Tfinu overseas vistore— currency, with titTereeption of
an increase of about 5 per cent, those from North America. .
on 1971— ca nu? to Britain last if tourist arrivals in the first
year. Earnings from this, includ- four months of 2973 (a rise of
ing fares paid to British air and 12 per cent, over 1972) were Jtny
shippng lines, totalled £721m., a guide, the prospects for the year
rise of 13 per cent - as a whole looked fair.
Tourism employed about 1.5m. Expenditure per visitor was
people in various trades. Its growing, with the trend towards
foreign exchange receipts repre- more visits during the off-peak
seated some 5 per cent of months ■ and over the whole of
Britain's total overseas earnings. Britain.
advance again
The Boards of all companies
An. interim dividend. of 2JL per
cent net is declared. ' This is
V
V
erly Grimshawe
The 16 months to
inted tO. £6G544&.
.equal to' 3 per cent gross eom-
* 12« cS pared With 5 per cenL-the .1972
rtSSSSl- IP??? eross total was 183 per cent
Mr. R. Lawson smd Mr. P.
rompaiS ®^J n have t0
rectus forecast of ha Ve purchased from the
joint managing directors and
prospect^ ^5.^- their families 15 per cent of bank.
Subiect to no abnormal events,
the directors “look- forward con
fidently to record profits,"” be says.
Following the successful take-
over of Soccer Pools, group profit,
before tax, for the year to March
31, 1973, as reported on September
8, advanced from £323,457 to a
record £511,885. "The total divi-
dend is effectively raised from
A new international merchant « per cent to 2fi2 1 pei -cent
A new toieroju«^ ft5niatloniiI ^ analysis of turnover and
National & .
Grindlays in
joint venture
STLS5TlAf». , aSJ5 BSS»S*jhSKSi i£S5."'£S
e,sathdactoiY -and H7I( . forme lw * ioint manamne emnraenced business. AIMB is a
director of Bonsoir, a subsidiary joint venture between a leading
aertce in SPIIB OI Af Cn,rlr UnMinot / nnul Uuinsn 1..«l K„lr Tha 1 Tnitml ITslsviin
was formerly joint managing commenced business. AIMB
yf. wWcli Mr: amen was "CoWVf" D .® e J rh "* d j mmuUUtSK 1
of Spark Holdings (now Heenan local -bank. The United Malayan
winners and betting tax £3.4Bm.
(£2J»Bm_) leaving £L66m. (£L16m.)
on which trading profit, was
Industrial division,
-this and- current
feet conditions the
jOnJ’pL. the the
p.>has been tem-
oed, they report,
however, expand-
financial director.
Charles Hurst
Bingo . contributed ffl-ifcn. and
£17Sfi7S (£0^5m. and £116^16).
Gross stakes from overseas
clients was £0.45m.-.
Referring to bingo. Mr. Zetter
National and Grindlays Bank and
its subsidiary Wo., Brandts Sons
and Co- Fuji Bank, and air. Tan
Sri Omar Yoke Lmg Ong.
AIMB trill play a key role in _
First half 1973 turnover of commerce and industry and in the anticipates a substantial increase
_ Charles Hurst increased from development of the vast natural in both turnover and profits from
irms ^f merchant £3. 54m. to £4J14m., and the profit resources of Malaysia. It will the four, recently Mguired clubs
! tiiflvCurrent year advanced- from £184.546 to provide a wide range of merchant and further acquisitions are bein
the appropriate £241,707, subject to tax of £114.811 banking services. . actively sought.
: — — : ■ ■ 1 •
A' A-
Kum$«s»
30,000,000 edrco .
European Composite Units
European Investment Bank
3% per cent Bonds of 1973, due 1988
issue Price 9914 per cent
tobsedptfon price U,S. $1^88-17
tanque Nationale de Baris
N. M. Rothschild & Sons Limited
Kredietbank S.A. Luxenabonrgeoise Societe Generale
. ,lm5terdam-RptteitiantBank N .V
: Vt'-' ‘Ugemcne Bank Nederland N.V.
lie Daiwa Securities Co., Ltd.
jociete Generale deBanque S-A.
Banca Commerciale Italian a.
Banca Nazionale del Lavoro
Dresdner Bank A.G .
Union Bank of Switzerland
(Underwriters) limited
Ejebenhavns Handelsbank A/S . Allied Irish Investment Bank Limited
Deutsche Bank A.G.
Banque de Bruxelles S -A.
Lazard Freres & Co.
S. G. Warburg 1 & Co. £id*
ova subscribed for or procured sobscrawrs fOr tho Loan.
"bass Banda IwiiabMn ptacad, amvMta othara by:
Vntony Gibbs ft Sana Lhnitad
tancadelCavasio .
lanca dslla Svizzere Italiawi
Sank of America Lhnitad
Sank fur GfmaCnwirtschaft A.G.
Sanqun Fran^arisadu Commarca
CjctWattv
Sanqoa Un*tttS.C.S.
ianqua da Parle etdas Payc-Bas
tenmadoPariaotctea para-Baa
Luxembourg
SanqnadqPUmon Europianna
3anquaG6n4rftladuLuMimbourg3-A.
SmqosdtSauft A rUnhm da Minw
SMMaMamatinnhi LuxambcntfaSLA.
aqnquadu BahataxSA.
SanqoaRotbschikS
ftenqua Worms SA-
g av ac facH aVoremsbai^c
Zmixxa Cautralo das Banquo? PopuUh-e*
SaUsa^aaU^bfsafConslenaftions .
<r£parp»a de rttat Luxambourq
Capital fin Innnuuionfelt S-p-A-
Commerxbank AG/Cridrt Lyonnais
Contlnontal Bank SJL.
Crfidtt Commercial da Franca
Cnidit Industrial et Commercial
Cradtto Italiano
DetbruckErCo
iHlfon, Read Ovahtaas Corporation
GdUeantro-Svituppo S-pJX-
Euramerica lirtantational Bank Limited
EuroCapital SJL
Fhncor
IRnxada Establishment
Tha Industrial Bank of Japan (Garmany)
lativuto BancarioSan Paolo di Torino
Italian International Bank LSitdtad
Krwfiatbank N.V.
"La Cantn»Io" Financiaria Can a ral a S.pJU
LazaMFriruRCia
Lombard, Odi or at Cla
Manufacturers Hanovar Limitad -
Medarlandsehe K1 (ddmuctaadsbank
N.V.
Nasbhtr Thomson Li rafted
Nomura Eoropa ILV.
Salfi Securities International tlrwtad
Sal. Oppenbeim]r. Er Ci»
Skandlnavlslcn Eoskifda Bankan '
Smith, Barney & Co. Incorporated -
Societk Clcatpina Impieghi MobtUari
S-pJV.
Socxati Finanzlaria Assamtivi
(GruppoRAS.)
Swiss Italian Bankfog Corporation
Unit tad
. C. G-Triitkaas & B ur k ha rdt-
Unlon da Bammes Prrrte* SA» ■ f .
T. Van Lanachot
Verefnsbank in Hamburg
WaatdautsChoLamfasbwric
Giroxaatrale
Wood Gundy Limited
A-E. Amaa »Co baMtad
Mrmnf Bank A/S
Assfaasaitiva Generali
BancaCkfi Gottardo _
BancoNurioreriadea'ACPTOuHtnaS-P-A.
8anca Private Ft n a nriar iaS^A.
tiae^SDnaSM... .
WinnnTotta a
Banker* Twist Interna tional t{*yU>d
Bank LaundLP-lmml (Franca) SA-
BaBkhaosl.P.HwatattKGaA
• BanqtMBataLbBKad
Banqjna Bafes ZdnrfwSA-
aanqndaCommm&A.
ftoptC n ae ari i h fcA.
Christiania Bank bp Kmfhkasia . .
Coin pa flnia de Bamfoa <rt
dTnvestisaamanta (Umhvwritanr) SA
CompacniaLiotamboatpeoiaad* .
fonqutSJL '
Cieditanststt- Bankverein
CiidtEuropionSJL
CrkfilindostrwIifAlMcandt
LarralnaSJL.
CrMhda NordSA.
Lloyds & Balsa In t er nati onal Bade
Limitad
McLeod Yoons, Wrir St- Co Ud
Merck FtnckCf Co ■ -
l— Massel £r Co
B. MatriareeeLSohn Sr Co.
DBS— Oaiwa Securities International
- -llaiiited ■
Dan Danska Landmandabank'
Dnrnorfk* Credithank -
Detttscba Glro aan t refa Dinodu
NationafSankofHtu»Bary
W edertowdeohe Cradltfaapk N.V.
The Nikko SecuritfasCo- Ltd ■ -?
No rddantsch e Landaafaank
GUtffditnla
Dawaay, Cortvriendt Intaroationti Ltd
Petarbro*ck.Van Carapaohooc .
. SaouritiaaSA.
Pierson, Held ring & PSaeaon
Prfyatbaokan Z 1
SS q ua EOit mia wha do^ ycyo SA^
Seaquede HwnwamantSA.
Bam* Lmnbert-Uotef^KWiti
>|fhi * *
lM«waiianniMr
dSA
EfiMtmtanlc-miitara
A lcflynga a eUs c fa eft
FhC-M0nwS4uA-
HlehardDaas&Co lfam k iera
M. ML Bott^obHda-Spna ,-J-
(HongkoDg) Limitad
Onoentrelaund Bank dar
6 »t wrdcMid»nSp « k it au>A.fl.
Goldman Sacha Iniarueijona) Cotp„-
> f^illf il 5iiU!» | mlii |f fl iri MiWtT Gimnar Brim cr-Oo A/S
. MambroaBenk Limitad-
%SO£SSXi£&T~ MBS-~.lrCo.oHB.
Gndlua i Bank AJCj. _ ... .- i ntaTO a l a w- Ba a gtre .
Bat ti narl fto dela- B alH Paeh V ^/ ' - - 1 usal-Britiah Bank < London) Unritad
: " ..
ttM^ll« t lM i l WI» * »ton »al»P l > dl KHtmtDAltim*
Samuel noBtaguarGa. Untiaad
■I. S. Saeea onlneofpto r atarf
Scandinavian Bank Ltd.
Schr&dar I tiftnrhoi ay Br. TbMiqxta Co.
Shaarson. HemmBI Int ai i ia Uv ua l ■
Limitad
SSnger £r FriaiflmiderLhidtKf
*>nrj#rfi nfmlirele Alaarlennaria .
Banqua
GoaMtfc S pq w aaa Ssq de Bingo*
Stwwwn MtbCo -•
9 vriss Bank Corporation
' (Qwatsaas) Umitad ”
vBinkmLtd
XMiw w t B a mran limitad;
Tradiiivast Bank and Traps Company
of Nassau Ltd -
. : Mr: K&>methl^Ha^to^ s review of the year endedjothjune 1973
The Anjrual General Meeting ofBlackwopd
Morton & Sons (Holdings) limited will be
held on 25th October 1973 in Kilmarnock.
The following is the Statement by the
Chairman, Mr.. Kenneth. M. HamOton,
circulated wifli the Report and Accounts:
Blackwood f MortonA Sons (BBldings) Ltd.
Results
The profit for the year to 30th. June 1973
at £1,890,540 before prdvisian for tax and
exceptional repair expenditure exceeded
the highest previously recorded in 1967/68
by 41% and was 78% up on the £1,062,652
for the previous financial year.
The very .substantial improvement
resulted from increased sales in all depart-
ments. Gronp turnover was a record at
£20,387,8x9. The final dividend proposed
of 2-17875P per share is the maximum
permitted by The Counter-Inflation Act
1973- . •
I indica ted m my statement last year
that the disproportionately low charge for
-taxation Which, has been a feature of our
‘ accounts for the past several years would
probably not recur because the relation-
ship between the booh, values of our fixed
assets and those for tax purposes was likely
to warrant the use of tax equalisation
techniques. This, position has now arisen -
and the charge for taxation for the year
includes an- amount for deferred U.K.
■ taxation, rhe basis of co m p ut ation of which
.'is described in th* i ta t w r ifn T qf accounting
policies. The profit after taxation, in-'
have also risen. Wages have beta raised
by die maximum permitted under the
Counter-Infiation Programme.
Spouting
Productivity continued’ to improve in our
Kilmarnock spinning mill and satisfactory
results were obtained. In livexsedge there
was some loss of production while obsolete
plant was being replaced.
_ Our jute spinning mill in Dundee had
another good year. There was no interrup-
tion in supplies of raw Jute" and prices were
stable.
Underfelts
Sales were buoyant until 31st March, but,
as with carpets, the imposition of VJV.T.
adversely affected sales.
eluding this new item for deferred taxation,
is £1,081,378. To tins is added, the amount
of an exceptional surplus which arose,
during the year on "disposal of c e na i n -
properties no longer required, £289,633,
making a total available to the members of
the company of £i^27i^>£i.'
'The interim .dividend for the year of
I-3E25P per share has already been declared
and paid, on 2nd July 1973 absorbing
£105,000 making, with the final dividend
of -2-X7S75P per share now proposed, a
total distribution for the year of £279,300
leaving retained profits for the year of
£991,711. It should be borne .in mfrid
that these dividends are expressed in net
terms under the' hew taxation system
whereas the profit available to the members
-has -borne tax substantially under the
previous system— a relationship which will
nor recur: -
Blackwood, Harbin &Sons Ltd.
Woven Carpets.
Our -share of sales by- UJC manufacturers :
again increased and we. had difficulties zn,
meeting the very exc£j7tkmai demand in
Thistletex Carpets Ltd.
Tvf ted Carpets
Turnover increased xo £3,232,926, and
.there was a pre-tax profit of £110,548.
There were increases in yam prices due
to higher costs of raw ma t erials and wages,
and selling prices had to be raised. It now
seems possible that there may be problems
dire to shortages of synthetic fibred but so
for our demands have been met. A new
deep pile quality is being introduced in the
autumn and 'our existing ranges are also
hgmg extended.
Blackwood, Morton A Sons (Canada) Ltd.
In Canada, sales improved and profits
showed a substantial increase compared
with the previous year. With rising prices
of wool, out high quality WiltOn carpets
are encountering difficulty in competing
in, the domestic market- with tufted carpets'
made . from synthetic -fibres but, for con-
tract usd, there continues to be a sub-
stantial demand for our products and this
seCtor of the trade isTbecoiiring increasingly
important to usi ' ‘ ‘
Cooke Sobs & Go; (HfTUngton) Ltd.
. There was a considerable improvement
m sales, of our high quality Jacquard,
rowels with a resultant increase in profita-
bility. In recent months, raw cotton prices
have risen substantially and higher selling
prices- may -affect demand in the current
year. • • ’ ‘
Exports - '
Overall, export sales i increased by more
chan. 37 %. The greatest improvement was
in. exports of tufted carpets especially to
Australia. This market should continue to
be of- great importance how that the tariff
has been reduced by one quarter and the
Australian dollar has, been revalued against "
foe£.
-axle also indications of g ro wing interest is
the U.S.A. and Canada.
Capital Exp«fldltiir«
Our Aanhister plant was inctened during
the year by the addition of new wide
looms built in our Engineering DcpKZznent
and more loans will be put into production
during the current year. A new tufting
machine wAs installed and an additional
machine is now in course of erection.
In Uversedge, the replacement of
obsolete spinning -plant has been com-
pleted and with the new pknij We shall
have sufficient capacity to meet all our
requirements of pile, yarns for woven
carpets. In addition, a new planx-Js being
installed for the spinning of synthetic
yams on the woollen system. There yams
will be suitable for either weavi n g or
tufting.
During the year, we sold our Bristol
warehouse at a substantial profit over cost.
This profit is the main element in the
exceptional surplus of £189,633 shown in
the Profit and. Loss Account. -With the
improvement of road sy stems in the
South West of England and Sooth Wales,
we shall be able to provide a garinfar- wii- y
service for the area from our new Car diff
warehouse and at the same time there will
be savings in cost.
As anticipated last year, riefng raw
. material costs and hi gher turno ver in-
creased our requirement of working
c ap i tal and in spite of the substantial re-
tained profits, our overdrafts increased by
£264,033 . If we are to main rain our
competitive position, we must nrwtffnwi»
to expand' and to replata -.warn out a-nd
obsolete plant. In order, to pay for rht«j it
is essential that profits should be main-
tained at a high level.-
Industrial BefatiaBs
- The- restrictions on the- introduction of
genuine productivity schemes which would
allow increases in in- excess of
those provided for under the Qromcr-
Iufiation Programme, have handicapped
us and it is hoped that Phase ID wffl allow
more flexibility. Some gro u ps of employees
were aggrieved that we were lmah]^ to
persuade the' Pay Board ro -allow' certain
increases in wages and as a result we
suffered some mtinstrial. action a-wrf a few
key workers left our employment, ip spite
of their dissatisfa ction, the great majority
of our employees have - accepted the
situation and their loyalty is greatly
appreciated.
Prospects
After the upsurge in demand prio r to dig
rite three months preceding die introduc-*-
rion of VA T, o n isr ApriL
Soles of Wilton carpeting for use m
hotels and offices have been especially
satisfactory- In additions we have supplied
large qu a n titie s for their .own use to some
of the most progressive retail groups who
app reciate that soft fioorcoverings have
considerable advantages in the reduction
of maintenance costs and at the nmwe time
provide an attractive background for the.
merchandiscon; offer-
-During tire year, weed prides rose to
record levels and our selling prices had to
be incr e as e d. Prices of man-made fibres
There is a rising demand fbpAxminster J introduction of V.A.T. an 1st April 1973,
carpeting in many countries and there will
be excellent opportunities for further in-
creases in exports to Wear Germany,
-Holland and France -as the duties, in
coumries are progressively reduced. There
BLACKWOOD
• MORTON & SONS
(HOLDINGS) LIMITED
Mamjfao. urm-s-of rnra
juteyamandtomls.
there was a considerable reduction in new
orders for the home trade. This mmHhI
ns ro shorten our delivery dates and' restore
stocks to more normal levels. Since 30 th
June* sales have been satisfactory but tire
results for tbe c urrent , year- will depend
an the Gov er n m ent’s ability to rag - pi m
inflation ' Without - re s tr ictin g ' economic
growth.
‘ Our margins are befow those permitted
by the Price and Pay Code and if we tan
continue to increase oar sales arlhe higkrr
prices necessary because of rising costs
of 'wool and sytithetic fibxes,- we should
have another satisfactory year.
1
i
30
The Financial Times Tuesday October 2 1973
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Leicestershire
Tel Waives 533
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FINANCIAL TIMES REPORT
rototype for the modem city
B\ MARTIN HEDGES
-'T - 7 — :- ; t — ^T?T=W^ 3 B B P5MHg»3B
■ -.3 3 “,;^|XlaSS
give service
and sell travel
... A complete Travel Service is offered by
| Frames' for holidays and business travel
• nreuesheui the world by Air. Sea, Road
:■; and Rail.
CO 1 . ET'JTRA CV 1 1 LY : 33 - Broadgate
;:! COVENTRY CVS 5 AJ : 334 Folsshill Rd.-
i ■ C O v E NTR Y C V 1 5 E. A : S 9 c Far G osford Street
: * C O Y E N T R Y CV 1 “IN A: Owen Owen Ltd.,
-i 3 s 3 c agate
K.»r a c.ty whose civic and
industrial leaders have, from
l! me io time, expressed concern
about uver-dcpendence on the
industry. Coventry is
showing a remarkable interest
:n the pedestrian and has been
a forerunner in providing traffic-
free precincts.
The shaping of the Coventry
of the 1970s has, of course, been
an outcome of the last war. not
only because, in November 1940.
the city centre, including the old
cathedral, was devastated by the
longest air raid of the- war on
any British city, but also
because the building of " shadow
factories " for aircraft produc-
tion on the outskirts set a pat-
tern for peripherally-sited
industry. Plans for the
redevelopment of the city
centre, produced before the 1940
■* blitz." were quickly put into
operation so that Coventry was
ahead of other cities in ils
modernisation.
Changing demands
fc, Though those original plans
have been considerably
exceeded to meet the changing
demand; of expansion in
industry, road traffic and popula-
tion. the basic premise on which
they were founded — the segrega-
tion uf traffic and pedestrians —
has remained and ” pedestrian!-
sation " *f the centre continues.
Th:s year marks the 25th
anniversary of the laying of the
foundation stone for the first of
the precincts, which now forms
the core of the whole system and
can still claim to represent, at
least most, ,f not all. that is
required of a well-designed
pedestrian shopping area, with
wide, uncluttered precincts
which are kept remarkably
clean.
The modern Coventry, which
began tv appear effectively as
A
1.3
Mr Gilbert Hunt, cse
i 1 'lb: Om:*: - 7"^ Limited
Pf Ziia. i'.r. T'.-; oc Meic-r
;! •»■.: i. :rV? .Hr.;! T. r. ':vs
Mr Wiiiiam O Bourke
Chaif.n.rti: -*i ;be Pc-rfii. Pord ■:? curree Inc
SpS a - e rs i i! •• ■■ -do ce:
r
hi
; n
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•j*
THE FUTURE C-= ~HE EU EC FEAN
MOTOR i.\ ! DL : S~fiY
The Lord Stokes, td, dl. CEng
Ch.i:-m4r. rs-'d
Bmisn Levlc - * — f irlc- I: Lrd
C QbiWSfiC! 4E VEHICLE U\ EUROPE
Dr jur Joachim Zahn
Cha::mj'i. Ciswef-pTr:
THE E FE A \ C -X ' H". Y
LT4.T .i AF.\E‘
Mr DAS Plastow
Mjnc-7’.- i C “o' ..■* • ot i Lrd
significant m a r keying
DE\ ■ EL OPM ENTS IN THE
UNITED STA TES AND
OTHER KEY TRADING AREAS
Mr George Spaulding
O i rector 6! Mail's ting. General i'.iotors
0.ei3£d& Division. Geneidl kioiors Co:p
U HA T DOES THE MARKET WANT ?
IVl Bernard Hanon
L'lrecteur ae !'tr.i'ormaiio:.it' e ; . de
Plamficeiior. Regie Nauor.aledei Usmes
R'n<n.;II
THE FUTURE MARKET FOR
EXECUTIVE CARS
Mr Robert A Lutz
; ie:nber of the Boaia o^ Minaaenieirt
Edvensihe Motoien Werke AG
THE FUTURE FOR COMPONENT
MANUFACTURERS IN EUROPE
Mr G Collin Hepworth
Cl.ie; Rxecutive.Assooaied Enqineenna Ud
INTEGRATING MULTI PLANT FIRMS
Dr rer pol Friedrich Thomee
\ ob.s.vsgen-.-. *r»- AG
Fe« £6d 00 (me. VaTi . u:< resreshments. >;o..kraris. lunen aid
c -:rc n e o c - c i . ••
, caa E3i ata ssi es a axa =ss age esb on ana am mm mammaa nmnim
Te be ecmp'ciec wtur.-ed :: :
The rinancial Times Conference Department (MOTOR INDUSTRY)
2SS Strand, London WC2R QLT Telephone: 01-836 5<W4 Telex:27347
a unit, rather than as a con-
glomeration of confusing
developments, in the late 1950s
and early 1960s, did not meet
with immediate approval either
from all residents — usually the
more senior citizens — or the
many visitors from the 1 archi-
tectural, planning and building
professions who came to view
the ** new T * city. Residents
tended to bemoan the loss of the
more intimate atmosphere of the
old city, which had largely
retained its medieval street
pattern, while some of the pro-
fessionals applied adjectives
such as " stark.” " austere ” and
soul-less " to what was then
the quite unusual concept of
large concrete edifices.
Sir Basil Spence's new
Coventry Cathedral, consecrated
in 1962. represented a complete
break from traditional ecclesi-
astical design and came in for
a good deal of criticism, per-
haps because it was then before
its time. To-day, however, the
cathedral and the city centre as
a whole are generally accepted
as being welt-designed and have
helped to promote an inter-
national image of Coventry as
a progressive, dean-lined and
modern city.
Certainly these are among the
factors which have turned
Coventry into a city with a dual
rule as a tourist attraction and
an important industrial centre.
A fair number of places of
historic interest remain within
Hie city and its location in the
heart of some of Warwickshire's
most beautiful countryside and
dose to other tourist centres,
such as Warwick. Kenilworth
and Stratford-upon-Avon, has
helped to foster tounsm. The
nearby Royal Show Ground,
with its National Agricultural
Centre and National Equestrian
Centre and the coming of the
new National Exhibition Centre
at Solihull provide the chance
for further s.pin-off benefits for
the city. '
Not least among Coventry's
advantages for industrj-.
tourists, residents and commu-
ters are its excellent rail
service and — even more — its
situation dose to the centre of
the Midland Motorways Link,
with the M6, the M45 and the
Ml all close. The A45 Coventry
By-Pass and the Inner Ring
Road, now almost complete,
have helped to take fast and
heavy traffic away from the city,
though it has to be said that
once off these roads and into
the " unpedestrian ” streets,
driving can be a bewildering
confusion of no-entries, one-
ways and sharp turns which
malte what appears on a map
to be a short journey into a
zig-zagging nightmare.
Parking space
Inevitably, a bone of conten-
tion exists in the provision of
car parking spaces. Is there
any city in which the motorised
public is content with its park-
ing lot? The traffic-free policy-
pursued in so much of
Coventry's centre brings with it
a need for adequate provision
for motorists — particularly
those on business — to be able
to leave their cars outside the
pedestrian area but within easy
reach of their objective. At
present there is provision for
5,000 cars in off-street parks
which are. long, medium or short
stay and which, m the first two
categories, tend to be expensive.
The frequency with which
motorists encounter " full "
signs at car parks h>, perhaps,
fair evidence of the need for
more spaces. At present an
increase to 9.700 spaces is
planned by 1986.
For many years the principal
source of employment has been
the motor industry, followed by
associated or complementary
trades such as general, electrical
and machine tool engineering.
Like any other place with such
a dependence, fluctuations in
either the national or inter-
national market have tended to
be felt immediately.
Recent years have, however,
seen movements towards both
greater diversification and more
specialisation i this, notably,
among the smaller of th*?
machine tool manufacturers),
trends which were undoubtedly
accelerated by the Rolls-Royce
failure, an event which left
several firms in Coventry with
problems. There has been a
further growth in the number
of companies involved in the
technological-electronics field
(GEC's computer section repre-
sents the largest source of
employment on this front), and
also in plastics.
Service industries represented
a third of the city’s employment
in 197Q and though there has
since been an increase in this
type of employment it has not,
so far, been as great as might
have been hoped. Nor, despite
a very considerable interest in
office developments, which have
taken place and are con-
tinuing. has the city succeeded
in attracting a single major
source of office employmenL It
has been disappointed not to
have had any Government de-
partment directed to Coventry,
despite high hopes at one
stage that this was to happen.
Indeed, the city would seem
to have a great deal to recom-
mend it as. a location for a
decentralised Government de-
partment, and such a develop-
ment would certainly have pro-
vided a catalyst for further
en bloc moves. Instead, the finding suitable sites outside
office block developments are the city for the over-flow,
taken up by “ fragmented" let-
tings rather than by single,
stable sen-ice industries.
With the increase in popula-
tion there is the potential for
employment opportunities to in-
crease from 178,000 to 215.400
by I9S6 and some 482 acres of
Some commercial and indus- land will be made available by-
trial concerns undoubtedly find the city for industrial growth.
Land purchases
the new West Midlands metro-
polis and ;n its needs to meet
the demands nf industry arc
populace in expand wirhcji-
upsetting an environment which
has. so far. boon ^arotully ctr.
trolled to achieve a rcasr-nahlc
balance. Because *»f forcsish:
on the part uf i’> planning
others. so that new development dustry as far as they
or expansion must invariably estimated at present.
J ease ^ 0ld lan -r Cer ; In years the city has
t a inly, from the councils point g ain ed a reputation as a good
of view this is sound econo mi c an( j gr0W i ng centre for edii-
pohey but with equal certainty, ^^jon both in the academic and
individual firms would prefer to technical fields. Opened on a
°. w “ 1 t ^ eu ‘ ov ’‘” sltes for 400-acre site in 1965. the
similarly sound economic University of Warwick, the
cities.
reasons.
The structure plan
city has envisaged that the
population will increase from
the 335,600 of 1971 to 352,000
in 1976 and to 367,600 in 1986.
campus of which includes some
for the notable architecture, had a
certain notoriety thrust upon
it by student unrest for a lime
but has since become- recog-
nised as one of the more pro
To accommodate this increase gressive and liberal of our new
in population some 1.260 acres universities
of residential land will be re- Elsewherei the fam0U:j
quired. Land at present zoned L^^er College of Tecb-
for this purpose within the city nolog} . fonned .j, e soand
amounts however, to only 730 nucleus for ^ Coventry Poly-
acres and a Doint examination teC bni C , gathering about it the
is being carried out with Colre g e 0 f Art and Design and
Warwickshire in the hope oi R^gby College of Engineering
Technology.
Coventry's future lies within 1 .
ALPHA
ENGINEERING
(COVENTRY) LTD.
Osborne Road,
Earhdon Coventry
Tel: 0203 72231
Supplier; of t p ;■* :
machined Cam pop :r
Castings. Forgings or bar. :r
specifications.
Special Purpose
designed and manufactured
Finned Fuel Can; Icr Ats-:
Reactors.
Fabricated work r'er all purpe
— Machined complete
required.
Tourist vistas
old and new
Bv HUGH COLVER
asc fj.nJ r» to- ac.oi'; c: s:i-; MOTOR INDUSTRY ipnlei&r.c*
P-EA5E
It might he said, that
visitors go to Coventry only
because of ns magnificent
cathedral consecrated just
over ten years ago and
acclaimed as the finest example
of contemporary church archi-
tecture to be seen anywhere in
the world. However, while it
is true that most visitors in the
“ tourist " category go imtially
for the cathedral, once there it
is likely that their sight-seeing
will not be restricted to this
famous building: there is much
else of histone and architectural
interest.
Some may go a second time,
for instance, not to examine
the ancient and superb Guild-
hall or to delve more deeply
into the legend of Lady Godiva
whose famous equestrian ride
was through these streets, or to
return to the cathedral. They
will perhaps look at what is
□ew — and there is much of that
since the heart of Coventry’ was
devastated by bombing in 1940.
Great attraction
This is the other remarkable
aspect of this city. While other
cities hardly touched by bombs
in the war years have tom
down their centres and turned
them into concrete jungles.
Coventry, where the destruction
was not of the city’s making, has
rebuilt a centre uf great attrac-
tion where it is possible to feel
quite comfortable. Perhaps the
idea of rehabilitating a war-torn
city gives the architect more
inspiration. Whatever the
reason there is something
“different'' abnut Coventry.
The basis nf the city centre
scheme is a great cruss-shaped
pedestrian shopping centre run-
ning from the main square of
Broadgate. It is an unusually
large area of pedcstrianisation
and the council's firm belief in
this policy— allied to ring road
and parking facility develop-
ment — can be seen in other
parts of the city.
And if the visitor tires of
looking at the new, then enough
of the old was left after the
bombing — and. rigorously pre-
served — to add to the sense of
history that was probably first
felt on the visit to the new-
cathedral which stands beside
the ruins of the old. The spire
of the old cathedral remains
with that of the parish Church
of Holy Trinity beside it.
Museum exhibits
Still in a religious vein, there
is the renovated Carmelite
friary, Whitefriars. which is
open to the public and contains
-museum exhibits depicting
Coventry's history from the
Stone Age to the present There
are also ancient almshouses and
Bond's Hospital and Ford's
Hospital, restored after bomb
damage.
Coventry even boasts a zoo
tu add to the many contrasts
and on the sporting frout there
is the ground of Coventry City,
a leading football dub, and
Coventry Rugby Club,
one of the most powerful club
sides in Britain. The swimming
baths complex, close to the
cathedral. Is ultra modern and
one of the best in Europe — an
all-tothrare And in Britain. At
Brandon on the city’s outskirts,
motor sport is represented by
speedway, stock, cars and hot-
rods. And, of course, cricket,
which the county side plays on
the Courtaulds gTound in the
city, should not be forgotten.
There is a shortage of land and
open water for leisure purposes.
Almost all land available in the
city is scheduled for industrial
and housing needs, so making
provision- for open spaces is a
real problem which cmild he
pushed aside unless the city is
careful.
Visitors and residents alike
can enjoy such places as the
300-acre regional park at
Coombe Abbey outside the city
and indeed the countryside
round about has much to offer.
Warwickshire is full of pleasant
countryside, which includes the
old English castles and grounds
at Kenilworth and Warwick, the
Georgian spa town of Learning-
ton, Stratford, which is not so
far away, and of course the
Cotswolds and all their charms.
Cultural front
For entertainment in the city
it£elf t apart from some excel-
lent pubs, four cinemas, dance
hails, bingo halls, etc., Coventry
is most famed on Ole cultural
front for the 3.000 seat
Coventry Theatre and the chic
Belgrade Theatre. The cathedral
is also used for concerts and
there are several other hails
suitable for a variety of
theatrical .and musical activities.
Coventry, considering its
importance as a centre for
industry as well as tourism is
somewhat undet^hotelled. The
recently opened De ’Vere Hotel
right in the centre has helped
on tlie way to putting this right
in an excellent way hut there
would seem to be a need for
more.
You have
a local stockist of
Unhrako
wherever you are in the UK!
A nationwide network of merchants
guarantee ready availability of Unbrako's
big range of standard fasteners. Including
an off-the-shelf service for Metric as well
as British and American threads.
Phone for address of your local mer-
chant. Ask about our small tools range tool
• ’
. :
m
a
n
Unbrako Ltd
T*l. 88732 T«l«uc 31 6Ca
Af*> SKWAIWOF THESE DEPOTS
MMW nta-.«tae aa-Tsa-uiuGi
“5****(pfc Paane
UHOONiHiqob ft-393 003/6
Commercial and industrial agents
Property Consultants throughout the U.K.
CARTWRIGHT]
HOLT
, & SDNS )
CHARTERED SURVEYORS EST. 1900,
15 WARWICK 'ROW, COVENTRY CVi 1EJ
Tel. 0203-26272 Telex 311033 Quote Car Holt
f
r
anciaj Times Tuesday October 2.1973
a
big groups
*'n H
COLVER
ual. visitor Coventry
r round the famous
id to those with an
»nt it means cars.
Jie visitor would be
lint this city has
<ffcr apart from its
those interested io
dustri a 1 life would
i think that it all
und cars. . .
try, is not simply a
i is certainly a place
*>y -large factories,
, >r industry actually
• ‘ importance with
Is, aircraft engines,
fors and the tele-
* ons business: The
nns in these sectors
• !‘»e lion’s share and
f be ‘ rest .are much
4 Is serving them as
services of one sort
4“^ here arc many
jerving the big car
. * i many smaD tool
instance
r industry is the
nployer through
■-K. and - British
e latter have Rover,
Daimler Jaguar,
imax "arid Morris
^ based , in the city,
■■‘•v, roe major machine
v ; . s— Atf red Herbert;
■"^rd Mat^-Onmdiill
iventry Gaiige and
ow part of Tube
. Rolls-Royce make
ties and generator
: old Armstrong
'orks, Courtaulds
textiles, Masse y-
ve a tractor plant.
GEC-AEI . Telecommunications
and GEC-AEI Computers are
there, and Dunlop have several
divisions in the city operating
in the' aviation and engineering
fields.
Most of these companies
represent ■ the traditions of
industrial Coventry and have
been there for a very long
time. No new industry has
moved into the city. on a. Urge
scale for a veiy long time: and
although at first sight- some -of
the newer companies, .with thoir
interests in - electronics’ and
plastics, appear to be ' giving
greater diversity many ' of them
have their roots in the' giants in
one way ; or another. For
Instance,' the - electronics com-
panies have , clear links with
GEC-AEI either as suppliers or
because they were started by
ex-employees of ..'the large
company, and the plastics com-
panies tend to ' rely on customi
from tbq motor industry, which
is steadily using more and more
plastics and widening the
applications as plastics tech- ,
no logy pushes -ahead.
Down the line
Heavy reliance ; on a few
giants,, while providing the -city
with a -firm industrial base and
mahy opportunities for employ-
ment, has its. drawbacks. . If
the economy is slack or if there
is a recession . in the motor
industry or machin e tools the
repercussions are felt right
down the line.
Coventry has had more than
its fair ..share of 'this of late.
Machine tools and telecommuni-
cations have both been through
a bad patch, the motor industry
seems always prone to industrial
unrest and of course the Rolls-
Royce crash reverberated right,
through from the main factory
Sd f derdT^^°ftS P werr owed Assembly line for the Triumph 2000 at Coventry.
the odd few thousand .pounds '
that they could ill afford. of -the -population, when com- Coventry came round to :the
in,' pared with other cities. commercial office development
has g^n? °5,£i weH £d True, it can be shown that ^ a little too late when cities
machine tools companies par- the manufacturers in the city 311(1 towns with equaUy. good
ticularlyare once again reason- employ a larger proportion of But
ably buoyant But the recession professional. administrative, d*fc^ftSlier B in-
was a reminder that Covehtrv clerical and service people than ^ r ve °.
S k comparable towns, hnt it i, SHhS Wta
few large baskets, all of them nevertheless earnestly hoped ar^mitoUin2?a« sreen
highly sensitive t'oihe general that growth of emploj^ent in aQd „ ot encroached on,
economic climate: - . ■ office development would be the
. The way out of this is not logical way for Cove ° try 10
easy to see since there is little f g n JEfT r offer greater variety and there-
land for large UkAlM S SS t more stahiIity ta em!,loy -
published by\be City Council fos I er Coventry as a sub- Unemployment statistics cer-
K jSSTtS year it was 'said ^ ‘ainiy reflect Coventry's vnlner-
the council would encourage centre and extensive ability. This time last year
the SSSSm^^mSSSSt SSL, IS 6 overaU un^ployment was 4.5
of industrial estates around the cen , tral area 1S obviously the per cent., - while for men the
ma3 ° r ^ in *'* dir ? ctJon - figure was almost -6 per cent.
are plenty of other places c i rtlw nmorow Plf- **®? rc ^ ias +? 611
equally well situated with more S,OW Progress falling for some time and the
scope to offer and there seems Success in this area has not ove rall percentage m July this
to be a general reluctance about been notable in the past r®® r w ,^ s , ^ marginally above
the idea of Coventry eventually Coventry has tried, with little tbe national average, at 2.5/ per
being absorbed by Birmingham, success, to encourage Govern- cenL
which could happen if develop- ment departments to move to So far as communications are
ment was to creep that way. the city and such administration concerned the single most
orientated organisations as in- important thing that has
The plan recognised that tbe su ranee companies have been happened recently was the corn-
city has a high proportion of approached. So far. however, pletion of the M1/M6 link. With
its employment in manufa'ctur- office accommodation has been the M6 how skirting the north
ing industries and that this taken up a Boor at a time by of the city, Coventry is well
made the city vulnerable to the smaller companies and there placed in the middle of the
economic 'state of the nation. It has been no office block built Midlands motorway box. The MB
is- also recognised by the City for and occupied by one com- gives good access to Birming-
Council that employment in the pany. ham, Manchester arid the North
service sector is low, per bead One tends lo feel that West while the linking system
Regional centre
for shopping
3 world-famous textile firm
that is part of
ventry’s industrial history,
ash’s retain their position
mong the most successful
- names in Coventry
YOU continual innovations
£j| an d methods.
1 3 Limited, Kingfield. Coventry CV1 4DU
.RTRANSPORT
JUS.) LIMITED
a nationwide network of depots —
:rs over 350.000 motor cars annually
: British car industry. .
•lephone Leamington Spa 25155
leading Manufacturer and Supplier
hine Tools, Reconditioning Services,
.tic Systems and ■ Sub-Contract Engin-
eering. ...
a r Stuart Davis Machines Ltd.
M P.O. Box 21, Rowley Road
1 11 Coventry CV3 4EL
^ >cbv£NTar management
flA TRAINING CENTRE
I HELPS
T| SUCCESSFUL COMPANIES
INVEST WISELY
. IN PEOPLE .
v Practical si mi intcasixeiriiininiJ; irt NIANAGEMENT AND SLPER\ I SION, .
. INDUSTRIAL RELATIONS, PERSONNEL AND TRAINING,
I t WORK STUDY' AND O' 8c M ..
! ' Wfiic or phone foe curreni programme tu: - ;
. Urn' entry atul District f.hgiiKciiog Lnipioycrs _\ssoci;airin, Mihoi-cnicnt : .
*4*, “ Training i^cmrc. \Viiutliaii.tU ;rjd^c,L^imin«ion.S^ " V':- ’
* ' ‘ Tel, ilbjiL orsstH*)*. ; ' - ■■■A
By MARTIN HEDGES
■ Ah important part of the Completed earlier this year, could bring with it an increase
. redevelopment policy for the Hertford Street prednet in office employment potential
Coventry has always been to provided 34 new shops, a 350- of some 16,000 people in the
continue its expansion as a seat cinema and 33.500 square next 15 years,
shopping centre serving a wide -feet of office accommodation— -a Several major office schemes
area of the surrounding type of accommodation which.it are either in progress or in an
country^de. . will be seen, tends to recur in advanced stage of planning.
Strategically situated al the most development projects in W. H. Saunders- and Partners
centre of _ Warwickshire and the city and is indicative of the have submitted for British
ringed by towns which cannot interest being invested • in Grolux proposals for a scheme
hope to match its range, of Coventry. by development com- for the development of three
facilities, and with ite concen- panies. tower-blocks on a site on
- tratinn on the provision of Warwick Road and the Inner
traffic-free shopping areas; the Next development Road which could provide
city makes an ideal sub-regional , . about 120,000 sq. ft of lettable
shopping centre. With a TrJL n( ?- m ¥l\ «n.tral de- ^ Work ^ alreadj . ia
population of its own of 335,600, v ^ opment V* be . a progress on a project by
the city already provides shops 5 2J®* -.“J „ t ? e Cavalier Developments to
and entertainments for at least ® hui » ler ^ develop land also fronting on
double that number in an area Amalgamated (Pro- ^ R 0 ad junction
which stretches from Nuneaton jects) Developere to develop a Jnjjgj. jyjjg Road. This,
to Warwick and Leamington S1 ^ e f ™ n ? D ? includes a five-storey block ofi
-and from Meriden to Rugby. Victona Road and designed to sojne 92,000 sq. St along the
-Shtce- redevelopment began Ring Roati ’ runnin S int0
Tlot C'iniea^d ^ ^ 66,000
and the central area now has Anolher already in
. 550 individual shopping units Sm j!!™ ZSm! progress is the Coventry Point
with a retail sales area of over development in the central
L2m. ’ square feet. The sh °PP ia S P«cinct. A project of
popularity of the centre is =iO ° 35 000 Properties, it will pro-
evidenced by the speed with' 5 *jj**f 11 vid e two office towers of 12- and
which any shop premises which L n f ^? ic n f ™i2 *5? C ro l3 * store - rs 3,111 some 80,000
become vacant are re-let ^J?.° n 1c l ,!L ,s P r °J ett ,s dce t0 sq. ft and is due for completion
start in 19io. next year.
Narrow range . -Another scheme which has Redevelopment plans of the
• . , ■ . ®- . been approved in pnnciple by pufB i y -civic” kind include a
A qui^«an.in»tion of shops tie councU is for the provision ggj p^aniS “er the
within the centre shows that 0 f two cinemas, a discotheque, next five^^^o nrovide I
there is a proliferation of. shoe gymnasium, squash courts, six muitLmniimi ■>-
shppsjdrspers, fomiture stores, a pobtotause. limited of^SrcoroorotioodepS
Jfet^SS" iS a the e ^° r n “, arcommodation and - m^s.T wiU 7n S 17
better mix in the form of again — office space, this time crown and magistrates courts.
of betw f en ' 35 ' oao “ d SSSio“ 0 raS^Tnd aZS
for minonty-groups. such as square feet, on a site on the stratibn areas
those, dealing m antiques, art north .ride of Greyfriars Road.
or T | nt ^ rlor de i ign 1 ’-2 r if sa;i ? ple ' work on this project is expected . Councij housing
It IS a need which has been I0 hegj n j n rJw next l2 months. council QOUMRg
accepted by the council, which y or some years The council A- recent change of political
has announced its intention to has - determinedly pursued a control has brought with it a
encourage an improvement -in polity 0 f encouraging growth in renewal of activity in buildifig
the quality, variety and extent ogjpg development in the city municipal accommodation. The
of- the facilities in this central W ntre and with several prime new council house building
area. None the less, the re- 5j tes available, had hoped to programme envisages starts on
development of shopping in attract a Government depart- 389 “nta in 1973-74; 162 in
Coventry has been impressive ment to the city and to improve 1974-75; 755 in 1975-76 and 296
both in terms of capital outlay Ae varieri- of ' this type of me- >n 1976-77.
and in the general atmosphere payment. In I9tl there was 0n th® industrial side, the
of openness and easj' access, a^m 1^5 square feet of office Corporation has provided rites
particularly in the precincts accommodation id the centre for firms which have had to be
and notably m the City Arcade. Qgerine employment to some «oved to make way for major
: 18B0D people — a low proportion road improvements— prinripally
IF.l i KM I 1 in terms bf the ITS .GOO employ- on the route of the Inner Ring
^ ment openings and one which Road — and for other redevelop-
TRE reflects the cunt mu ing commer- ment scliemes. It has also con-
p • . . cial • pull which. Birmingham tmued' its sensible policy,
■ retains on the whole of the West established during the war, of
- Midland area. . peripheral siting for industry.
~I . It was undoubtedly a sad blow so that the city's manufacturing
' AT^J l Vj fS- when no' Government .depart- industries are generally kept
ment was designated for.resiting within well-defined areas separ-
V . in the city, since it is fair to ate from its residential and
- assume that such a move would commercial areas.
hove . encouraged other large New industrial estates, are
- - _ employers of office staff to look, planned for Aldermans Green
ND SUPERVISION^ '. " at Covenny.. (84 acres ). Binley Colliery (40
AND TRAINING, However, if all those schemes acresj, Hawkcsbury (22 acres!
which currently have outline or and the former Admiralty depot
: ' “in principle " approval are at Red Lane (25 aeres). On all
>ci-atri‘n Miha^tnicnt given' full planning consent tbe of these the council's policy of
< <*R\ - " ■ - amount of office space, will be leasing land to industry will be
h : aitncBt' doubled by 1978. with continued. To .help smaller
■ ~ ‘ " . 'w about. 8(H!.0Qfl 'square feet of firms, the council plans to build
M ■ development likely to take place unit factories on 'some of these
hhhmmmmbihh^’ in the decade from 1976. This estates.
v • 1
provides access to North and
South by v the Ml and to the
South West by the M5. Add
tbe M45 which comes off the
Ml south of Rugby to give easy
access to the south of Coventry,
and the city has superb road
access. Central area develop-
ment is being covered else-
where in this report and here
it is sufficient to say that these
good external links are com-
plemented by a motorway-style
ring road structure which pre-
vents congestion once off the
motorways and into the city.
Rail services' are good with
fast, frequent, electric services
to London, Bi rming ham -and the
North West. A fast train covers
the 90 miles to London in 73
minutes. Increasing rail freight
traffic to and from the city is
being catered for in a new
freight handling terminal on
the eastern edge of the city
which has room for expansion
should the need arise.
Principal link
Coventry Airport at Baginton
to the south of the city is the
principal, air link point, just
three miles from the city
centre. The Airport has a few
scheduled services and handles
about 45,000 movements a year
including 2,300 tonnes of
freight. However, Birmingham
Airport (Elm don) is well
placed on the Coventry side of
Birmingham for easy access to
extensive international services.
Given these excellent com-
munications facilities, Coventry
is an ideal centre for its large
manufacturing industries and
network of smaller firms that
support them. It should also
be ideal as a location for
regional office development and
if this comes about on any scale
the city’s employment situation
will show a better balance.
Meanwhile they can only hope
for - continued improvement in
machine tools, better industrial
relations in the motor industry
and no repeats of the Rolls-
Royce fiasco.
Our Head Office shown above is even older than our
company — as in 1975 wc shall have been building for
1 00 yeajs and pride ourselves that progress made is founded
on providing the highest possible quality and service.
We can offer you the experience and enthusiastic
co-operation that has already been proved on a very wide
nmjse of building work including —
Schools. Universities, Crown and County Buildings,
Factories, Warehouses. High-rise Office Blocks. Shopping
Cenues, Departmental Stores, plus very many other
types of structures.
We would like to tell you more about ourselves but,
better still, build for yon.
We welcome you to call and see us any time.
Recently com pined rar current cnmracu in: Birminebam Area,
HiiL'kinpharnihirr. Cheshire, Glauccslcrrtlirr. Hampshire.
Herrford&hire, London Area, Middlescv Northumptoiuture.
Oxfordshire, Shropthirt, ^uiTorJihirr, Warwickshire, Wilu-birc,
WurwMerihlie.
ESPLEY-TYAS
CONSTRUCTION LTD
xMamlwotilH [■olm.'hHGmp |
o> Corapaniaz
P.O- Box No. 6. Park Hall.
Salford Priors. Evstham. Wore 5.
I Tel: Bid I onl- on -Avon 3721 (20 lines)
4 j Tenants sought for
/ FIRST CLASS COMMERCIAL
J SITE
MI/M6 LINK (JUNCTION 3 COVENTRY)
Planning consent granted for over 100.000 sq. ft
Warehouse and. Offices (or suitable entire Office development)
SITE AREA 51 ACRES
COVENTRY
CITY CENTRE
Prime situation in best part of Pedestrian Precinct
70,000 sq. ft Offices now in course of construction
(completion July 1974)
A BRYA NT-5 AMUEL DEVELO PMENT
ROBINSON, OSBORNE & MOULES.
Chartered Surveyors,
153/161, New Union Street, Coventry. TeL 57321 (13 lines)
We’re part of
the expanding
economy
and one of the
reasons why.
With office developments,
warehouses, factories and industrial estates
in all the major areas.
For details write to:
W. A. Blackburn Limited.
Property Developers.
Blackburn House. 1 Warwick Street,
Leamington Spa. Warwickshire.
Telephone: Leamington Spa 34517.
32
a-.-*!
The Financial Times Tuesday October 2 1973
^EWS-+ EURO MARKETS
Hoechst looks overseas Dutch
banks
lor its mam growth discuss
GRUNDFOS
The mini multinational
BY HILARY BARNES, COPENHAGEN CORRESPONDENT
BY ANDREW HARGRAVE ’ FRANKFURT. Oct. 1.
^' E . of Germany's Dr. Sainmet said that cost in- tax profits rose by ’J3.5 per cent.
1 »• enuc “ «»«"» and creases had not been matched or DM96m.. u> DM504m. in the
tile t°P five in the world, by higher prices. If prices had first half-year compared with the
*ees its growth increasingly in been raised in lino with higher same period last x-par and those
toreign inve>mn&nt. costs domestic pales would have of ihc parent company hv 17.3
Outlinins a 10-vear programme brought in an extra DiiT27m. and per cent, or DM47nr. to DM31£fm.
yesterday. Dr. Rolf Saminet. the exports .could have earned — an increase in last year's
Executive Chairman, said while DMSSm. more in the first eighi 15 per cent, dividend does nol
toe group’s overall sales should months. However, the overall <oem lifcelv.
double during that period. i!ui««* *ITect nr exchange rates changes The main sectors for next
irmn production .-mure-i abroad *l a d been ” surprisingly small.- V i» # r '9 mwxtineni programme
ihiiuld i\\ k*asi tr^Mc. ^ r - Smiinwt cnntnientpd. ju>t approved hv the Super-
Growth rates in Europe should “ Reeause of Hie strong v^sorv Board are" paints, fibres
»i* a quarter higher and those demand. we have succeeded in and- synthetics, absorbing about
-.m, enuCa concerns and creases had not been matched or DM96m.. m DM504m. in the
■, tile to? five in the world, by higher prices. If prices had first half-year compared with the
*ees its growth increasingly in been raised in line with higher same period last year and those
loreign invtrjtvntni . costs domestic pales would have of the parent company by 17.1
merger
By Friio Endt
AMSTERDA3I, Oct. 1.
POUL DUE JENSEN, a Danish are spent on research and scheme for economic democracy < Grundfos- goes /or de^elopraent
engineer, began manufacturing development, much of it in the which would" eventually give ero- area investments in ail its new
pumps in 1945 in the cellar of machine tools section. Most of ployees control of 50 per cent of external ventures). . .
his house in the small Jutland the labour in the Bjerriogbro the share capital in all companies France ts next on the list
town of Bjerringbro, Denmark, area comes -from rural com- with more than 50 employees. a 4.000 square* metre assemo
To-day the company claims 30 munities. There is relatively- Be this as it may, the company plant under development ji
THE DUTCH Postal Savings per cenL of the British market little skilled labour 'available, so has .decided to go multinational LongeviHe-les Saint Avoid, it is
RanL- >tnfl lit a -luencifilinn r> r r -i * : . A.. n . "B ,k.. in IVin in' -1 Win ..ratj Fn, n Ml«*inalir ilmlnn f nr a 40 DPP Cent. Share
the group's overall sates should months. However, the overall seem likely. 10,0 possihilll.y or a
double during that period. t!ui««* effect or exchange rate., changes The main sectors for next *" an official slaic-
frimi production ■•'•nire? abroad had J,ewn " surprisingly small.” V i» # r'ft invvxtinctu programme lhp »»«* tlw
should at leas, treble. Dr . Sum met commented. approved "' the Super PTT , «>’ ,ha !
Growth rates in Europe should “Because of Hie strong vfcorv Board are paints, fibres ^fT-i * n Ween \n-
•i* a quarter higher and those dp m and. wo have succeeded in and synthetics, absorbing about j Ua, c n «« n.ii»k n '
overseas one-half higher ihan -*n raising our export prices that half the total planned invest- *®" npd *. . 1
expansion In West Germany. A- Itw-'es through currency changes ment nf DMl.SaOm Of this sure t ha .'^ r fP®d cd J“ al *^
a result. domestic «;■ l -_■« cSTt pt-i could to sonic extent be made just over half will be .spent in: PTT . ^ a w ^
cent, nf the total in- the first eight "?•" said Dr. .Sam met West Germany tin expand capa- kwi** wonld also he included
months of this yean could he Generali.*. Dr. Samniet was tit;.. Of the rest about DM400m j {" 1 „ e _? er f er ? reiwn wn icn
under -10 per cent, of wnrid-widc satisfied with the group's pro- will be sut-nr in Europe: | *“ e rerusea lu confirm or
turnover 3t the end of the period. sre«s in tbc first eight months. DM200ni. in North America:! ... ■
Dr. Saromet said. forecasting sales of “in excess DM! 75m. in Latin America and ‘he merger would create a
The repeated revaluation nf of DM15.000iu “ f DM1 3.563m. DM125m. in Africa. Asia and giant banking
the D-Mark, material and labour last year! for 1973 as a whole Australia combined. total deposits of FJs^.<,0TOm.
costs and the likely development even though the 15.4 per cenL Beyond that present plans This woiw^SJSied only
of markets comnbuiec! to this rise for the period under review envisage a rolling investment U hB Dmch l£b£Scems
prognosis. could nut be expected to be programme of between Raiffet^n^nd^rei
Already, exports to the US., a maintained. DM 1,500m. and DM2.000m. a /JJJhJfi 1 ftSLShJS
major Hoechst production base. Within the overall growth, year. Dr. Sanuuet added. The uttnbank . oo-opera s»
had been rising ai -, below- home-based sales (including ex- parent company is contributing Su"- nnnm
average rate, with exports r-f ports) rose by 12.1 per cent, and only about 10 per cent to invest- v - th _»|._ ric , hn ,„
fibres and pharmaceuticals those from foreign production went in foreign production £' a “
actually declining ae.d paints- centres by l9.fi per cent., clearly centres. One-third of the need? if
stagnating. Certain exports had showing ihe trend for long-term are being met from their own J “cpositea m -wm. sa “jgs
heen halted altogether. The development indicated by Dr. resources and the rest from] ^counts. About I-Ts.lO,STOm.
rcavuns were lower sales values S«unmct. Export sales ‘ exceeded financi; raised abroad. I ® *? * nt * n3 F Uf> ol ,ne
owing to the revaluation of the the group's target for the period or the total investment next! JSP^HKm he Postal
D-Mark, ennipelition and ihc by one-fifth :n spite of the year. Dr. Saminet said, about 8 £!k
tepfcwment of exporis b.v pro minimal pncf increases. DMSOOm will go towards fixed ^n^ Rank. m-frXui ^
duels Iiianufaciu red in HoechriS Althbugh the prnfit situation assets compared with DMSOOm" ' ' i
—an increase in last vear's Bank and Ibe association of for domestic heating pumps, 75- that the operations In the factory in a big way for a relatively aiming for a 40 per cent, shara
15 nor «-i*nt dividend does not savings banks are looking 90 per cent, of the market for are to the maximum extent small -' company. The ' .Danish of the French market for ith
-socrin likelv lnl ° ,ile ' possibility or a s0 me types of industrial pumps. “ de-ski! led ” by the use of company Is now seen as forming products within the foreseeable
•rh« e A .., nr< f nr m«*rser. In an official stale- 50 per cent, of the West German advanced machine tools. This is- the group .centre for expertise, future.. .. ,
ment the Association and the domestic heater pump market. 70 also essential of course-, to as Mrr Kristensen put if.' Grundfos managers attribute,
i„‘V '-.nr.r A hi iho°" c, m „r PTT *»>’ lh »t negotiations per cent, of the Dutch marker improve productivity. developing new ' products -and the success of the companv
iilTnn. R rt ., r .i arc in progress and that the and SO per cent of the home. The machine tool division is. machine tools and providing basically to the fact that it has
*nrt- sinihphi'j •■h<nrbinp -ihnui *ratle unions bai e been in- market. just testing a new .machine inspiration to production' units got first class pumps. They are
h-.ir ihn ,„ t ;r nlanned ' invest- formed. Some Dutch news- The company is called Grund- which will , take over the work abroad. Group expansion, at a not cheaper than their competa-.
ment nf D\tl SaOm Of ihix «nrc papers have reported that the fns A/S, and is poised for a big of six machines operated by six target rate of 25 per cent, a year, tors’ but they claim to be more
iiisi over h-itr will <noni ,n 1 check and giro expansion nf its-' European opera- men and carrying out nine will depend very, much oh- the reliable. Inflation )s one threat-
Writ ilemanv i"o expand caoa- 1 wniK wonld also he included lions after a period of very different operations in the pro- non-Danish companies. ‘to the cry and the change or
cit ; . or the re<t about DM400m i ,n ,he mer ser. a repon which rapid expansion in Denmark, duction of a pump bead, cutting At the . -moment' the main generation ' may be the other
will’ he suL-nr in Furone- ,fae PTT rp f u - SM * |u «»nfinn or Group turnover to-day is about the time required for the entire expansion is taking place in major problem, facing the share-.,
DM20QIU i n ’ North America”' deny. , Kr.350m. (£25m.) -a year and .process from about a minute to • Germany"” holders with crippling inhers-..
DM! 75m in Latin America and Thc merger would create a rising at about 25 per cent, a 22 seconds. The quality of the In Britain GnmdfOS has a 2.000 tahce taxes- The problem is ;
DMl 9 5m m Africa Asia and S ianl hanking concern with year. As yet, WOO of its total of pumps is also consistently being square metre assembly plant' at being looked into, but investor.-®
Australia combined * * *o tai deposits of FJsJJT.OOOm. 1.SQ0 employees are working in improved. One of the latest Leighton. Buzzard dating from should not be too hopeful ;
„ and total employment I2jOOQ. Denmark, but managing director innovations is a porcelain shaft 1954 A new' complete manu- “Going public" is not one nfr.
Beyond that present plans This wou id be marched only H, Nedergaard forecasts that io instead of a tungsten-carbide facturing plant is due to start the alternatives being considered. *
rumag investment by notch Rabo-Coneems five or six years the group will shaft, which was subject to production soon in Washington and nor is take-over, said Mr.-»
(the Raiffeisen and Boeren- . j employ more neoplc abroad than corrosion in some types of water. j$ ew
own U.S. works.
lud improved — the group’s pre- this year.
leenbank Co-operatives) also
with total deposits of.
Fls.27 ,000m.
In Tbe Netherlands about
Fb .5 0,000 m. has been
deposited in 20m. savings
accounts. About Fls.lO.SOOm.
{ is in the hands of the
; associated savings banks,
J F1s.7,SOOm. al the Postal Sav-
} mgs Bank. Tlw .Associated
I Savings Banks cover about 22
■ per cent, of total savings. Hie
it does in Denmark.
Labour relations
The new shaft has the added
advantage that it is faster and
slightly cheaper- to produce.
Durham Kristensen.
Grundfos -is tyical of a con- Mirw
siderable number of smallish (jrOOCl results
Danish engineering companies ST 5 A,t * HT s
which have succeeded In winning T *>e r” 11115 of Danish com- Aiudo Amertcai^oc isst
substantial world market shares P a PY appear to have
SELECTED EURODOLLAR BOND PRICES
MID-DAY INDICATIONS .
Bluebell tioc AM 7 .1
prauucL nugiueeriug imuiy aas »» “ — r — — — - -
in nearly all cases been the IP shareholders it is not, accord- ConaL Foods*! pc i»i
foundation of success, but the * n 8 t0 current Damsn law, cmw BamnierVpc issr
Postal Savings Bank 16" per 'companies have also known how ohljged to publish its ac co unts-- On^riiicM# .....
cent., the Rabo and oilier co- i tn make the best of Denmark's a nd »f does ^°° ) t } : siw issr '
union deal
&/ Anthony Robinson
French contest U.K. bid
for leather concern
oneraLive banks 43 per ceui. I excellent labour relations tone operating capital in 1972-73 was crsaa aieL tzpc issv L.!;
and the commercial banks 19 day’s strike m 27 years at about .20 per cent, before tax and Cwrffa B *E apc igT
per cent. I Bjerringbro untiL the national financial charges but after depre- 22fi*SWS B J£/* pc - w
! 1 V. .....I- ^ \ raafion ThiK WnS nnt an f>XC£n- 5 _ itfi
Rig order
switch
three-week strike this spring) ciation. This was not an exccp- Hamersiisy spe i »7
and favourable investment tional result. Last year the im npc i*c
climate, with relatively low company was also entirely self- «pc iw
ROME Oct 1 BY C,LES MERR,TT PARIS, Oct. 1. ; switen
WORK HAS return pri nnrmiiiv I THE “BRITISH Invasion" of leather industry major, Superior.! [on stocks. ‘ * modestly predicted that these sbeninu.'^nssfi 3 .^ as* 99
at Michelin ita'liana nianfs in French industr >' has resulted in which has yearly sales of! 0V IVlOllCr I Due Jensen, now 61, is to-day figures could not be maintained gw * /pc i«s -- w,
Northern Italv after * Michelin lhe firsl contested takeover bid Frs.70m.. stepped in with a> * chairman of the company and m the next few years, P®^’*SSJfSaft«»E , fi i»i to
management a'^re^d to end hd in which borh a U - K - §r° u P a° d Frs.160 per share offer j hia farail y own all the shares, because of higher raw material Teimeco tjpc issir di) w ;
1 1-month-old dTsmiie i«v discus- Fre P ch interests are openly com- It is understood that the result IHC HOLLAND, the Dutch off- The chairman still exercises costs, partly because of raging Tom ami city flpe jasr _. «h si
sing ihc- groun -s devploohirnt and P etin ? for control of tbe same to date has been a further offer sflore group reports that its sub- close control over company inflation in Denmark. One of the imF”’’"". Sb sri
■abour relations nian^ with rhe CQin P an J'. according to Press re- by Barrow. Hepburn which is a sidiary in Schiedam. lHC-Gusto. operations and no one is left in company’s major problems at wmiaaia & Glyn's 8 Jpc’’'*t ss - 99
uniona " ports here. slight improvement on the has received an order to build a any doubt that he decides where the moment is how to cope with notbs _
The U.K.-based concern is Superior offer. However, the sue- 2 iant drilling platform to be used the company is going. a situation in which, wage costs g??*,!* 22* r fL^ pe 1Wfi S' ^
...After three (iajs of discussions Barrow-Hepburn and Gale, the cess of the British bid, even if £ n the North Sea’s Continental So far the company has con- for this year are expected to be pn pS5t t£k n» 'Z"~" *: »j
Jitchelin save an undertaking major ieatheraoods group which accepted by M r.ianinetir* still »helf, from the Atlantic Pacific centrated on development in over 20 per cent, above the 1972 Ew» intL noc m? . 95 * '- siii
that it? plans would not involve i s understood 'to be encountering depends on the deal -etiiD" ti j e !Marine Corporation, a subsidiary Denmark. Growth has been level. -.??
the loss nr any jobs. After re- strong opposition from a French occessarv permission 3 frura* the I of l ^ e „ D ?, n,8h sh, PP l °e company extremely rapid in tbe last few The company seems now to m: wi
u • l , f ilD hari vreated company called Superior in its Finance” Ministry’s Foreign 1 ^ p - Mo *' er - ! years, with the mother com- have reached an important turn- Teoiwai 7 ; pc- ibtb ._ 94 -. - bs
fobs in Italy over the Iasi bid to buj control of the Investment Committee. Observers ' , t ,^ e s / me j lm ‘ - Roller ha^ipany’s sales (there are no con- ing point in its career. In future source: wwie w*» Swuw.
11 > ears the company confirmed Tanneur-Tanneries de Bugey here are stress<n« that twrmi*;- > cance ‘* et * t * ie or£ * er f or a smaller isolidated group sales figures the main development will not he ~ — ■ - ■ ■ ■ r
that Us oldest factory, the Dora When, ai the end of last v'ear. s j Qn jc uniikclv wJien ihe rhnine ! platform to bc J bui,t bv IHC’s: available) rising from Kr.44m. in Denmark but aboard, especi-
Pia.Hi in Tunn. v.juid OC suh. the do Buacy leather aood> lies between foreigncon&o^ subsidiary the IHC in 1967-6S to Kr.102m. in 1971-72, ally .in Europe. There arc various
■.lantiam run down over the next "num tvu •> 1 Marine (.or norat ion in Portlund. i iSSm lad cusr umi Vrio^m pn>iu,Ac fn» iUd Tha l "
“““ auwaj 5CVUH1" i-uimi- — -D - „ HKPC KJJC 1WI-
butions for the company sector that about 90 per cent self- utcbeiia r>pc uss ^
dilions on “plant and, especially, economy Arne Krogh Kristermen ^ “‘o&^pa' " 1 m S
on stocks. modestly predicted that these sb»n mu. ape use as
Bid
SB
OVer
91
’ CONVERTIBLES
Bid
Offer
«
Qrt
towricin EairMS 44oc
iu:
rai
Ammon Motors soc
IMS
its
117
9*4. _
•; ,*3i
Amoco 5} pc I9»*
HKi
IIS
Hqacnrt: FoodK 44pc
tm
W
IDA;
9L
92
Beatrice -toods 4ipc
1932
lltt
SIM:
9Si
Bardk-o 5pc 133J .
91
91
Brood wax Hafc: 4-Ipc
iaif
34}
44
9*J .
9iT
Carnal 10 a 4pc 19S7
X.-
%:
97j
Chevron Sou lass
ill:
jt.’-
S94
W*
Dan 4foc- 1»? ■ . .
.'J
•a
9S
Economic laths. “Cpr
1987
109
■ 110-
a:
m
ford 6 PC 1H5S
I ft!
ur..
S4r
D5?
Ford 5pc 19SS
»S
> K *\
m
■m-
itoocral Electric 4Jnc
ii«7
ns
924
Ki
ucimc 4^pc nwr ..
10S1
IN
9S
99
Could jpe iflsr
« •
334
92
■J3
HalUbumon 4} DC 19S7-
1 : 1 ;
j:rp
9It
921
Harris a pc 1992
ton
W
9U
92>
Hitachi 6} pc I9S4 ....
241
W4
93}
Honeywell Spc 1386 ..
lOfi! .
- 1(K
ports here.
The U.K.-based concern
W rrr 4-j>c «S7 ... - w
Komatsa ttlpc 1994 140
99 . 'J. Bar McDcrmotL 4Jpc ’87 HZi
99*
Mi
Mascu 4} pc I9S7 ;...
91
Kl
90
Ot
ontsuaishi Elcc. Tpe
tss
is:
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TO 3
i. P. Moreau 4} pc 1867
12S
I29i
Ul)
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Motorola 41 pc 1983
I.ws
1W1
m
SH
Um^dur 5pc 1939 J
141
1*3
m
86}
Inmu IlllnOLs 4} pc 1957 ._
95}
97
9G*
971
J. C. Penney 4ipc 1987 ...
101
SO.**
ss
99
0G4
99
Revlon 4:0c. mst
SS
mi
971.
Mi
Sfme Darttr Sjpc tsas
63
ft
97*
Stater Walker 5ipc 19*7 ...
Ml
»:
Wl
Spenr Rant 4Jpc 1687 ....
103*
107
Mi -
Squibb 4}pc 1987
96}
W
S3
94
Toshiba Sipc 1833 t-
165
167
1M
101
■Union Carbide 4Tpe 1982 .
91
Mi
9HJ Warjrt Lambert 4ipc 1997 mi!
05 Warner Larrtb-’rr 4ipe iw 92i
Source: Kidder. Peabody RocnrtiiM
Plani in Turin, nould be «, h -l, hc dc Buw>’ "leather # _ _ _ . ^
•.lantwlU run down over tru: next 1 group, which has a yearly turn- a com oara hie offer hv -anther ( -orporation id Portland. ;Kr.l35m. last year and Kr.l95ra. reasons for this. The local
decade, lr issued near ^ .he ciiy 0 \er nf Frs 75m., announced that French’ concern. " ! U -S- ... budgeted sales in 1973-74. In labour problem is very difficult
7 * 5-1 ;,ntt an *>hl piaot j jj s chairman and principal ’ ' A direct result of tnis switch , the past two years tbe concern and it is an advantage to have
dtnicuu to modernise. I shareholder. M. Gianinetto. means, according to IHC: that_ the 'has invested almost Kr.40m. in production companies in the
Employment at the urw tyre j planned in leave the company. r # . previously reported serious, building (it has its own building countries which are the major
factor)’ at Alesiandri;, would.- Barrow. Hepburn and Gale l^| 8-i rn jemg losses made by IHC.'s American; division) S.00Q square metres of markets for the product. But
however, rise to a maximum arranged t«> buy 67 per cent, of * 1 1 ai^iu^ : subsidiary, in early September new offices and workshops and there is a slight suggestion,
ievel of between 1.500 and 1.S00 , tiio company's capital. The terms r-i , „ 1 estimated by the company at ; developing Its machine tools and which officials did not deny very
men while a certain amount oil of the deal were that Barrow UllO-IOSn Fls.3oin., will not be exceeded, i motor sections. convincingly (Mr. Due Jensen,
reorganisation md growth would J would pay Frs.I45 for each o» ^ „ . ; These losses were made on orders ( Inflation and difficulties of the only man who could really
take place to suit chanains: | the 70.030 shares involved, and THE NATIONAL Coal Board is! for three drilling rigs, and thej labour recruiting have forced answer the question, was not
market conditions a; the Sturaj 29.200 uf those shares would be raising 550m. for 15 years in the Moller order was one of them. the company to . rationalise con- available.) that the business
plant in Turin. The modern plant j paid for in Barrow. Hepburn Euromarkets. The syndicate The other two arc for the tinuousiy and it has become very climate was not quite as encour-
at Cunen. which now employs I shares. arranging the loan is led by S. G.l American oil company Penrod | much of a self-contained affair, aging io Denmark as it once was
5.000 workers, wav judged to be! It has now emerged that sub- Warburg and Company and thejaod tbe Brazilian state oil coin-' initially it was the design of and that this was an additional
of optimum size 1 sequent )y another French coupon is expected to be S; per. pany Petrobras. Tbe first is I good pumps which got Grtindfos spur to grow outside Denmark
difficult to modernise. j sharehoIdVr!**" M. ” GianineTto!
Employment ai the urw tyre ; planned in leave the company,
factory at Alessandria would.- Barrow. Hepburn and Gale
however, rise to .1 maximum arranged t'» buy tf7 per cent, of
ievel of between 1.500 and i.SOO.Jho company's capital. The terms
men while a certain amount oil of the deal were that Barrow
NCB raising
ievel ot net ween l-sou and i.SUO.me company s capital, me term.- p 1 o»uhumbo u» me cwiupnny ai ; developing its machine tools and which officials did not <
men while a certain amount oil of the deal were that Barrow LulO-lOSn • Fls.35tn., will not be exceeded, i motor sections. convincingly (Mr. DUi
reorganisation ind erouth would J would pay Frs.I45 for each of These losses were made on orders! inflation and difficulties of the only man who cot
take place to suit chansinr|the 70.030 shares involved, and THE NATIONAL Coal Board is! for three drilling rigs, and the] labour recruiting have forced answer the question,
market conditions at the Sturaj 29.200 uf those shares would be raising 550m. for 15 years in the Moller order was une of them. the company to . rationalise con- available) that the
plant in Turin. The modern plani j paid for in Barrow. Hepburn Euromarkets. Tbe syndicate The other two arc for the tinuousiy and it has became very climate was not quite s
Insurance Holdings Ltd
Insurance Brokers arid Lloyd's Underwriting Agents
Travel and Freight Agents
the first dollar bond raised by a 'tbe range oT Fls_am.-FLs.3om., : process and some of the motors tion rules have been changed for
u.K. concern under Treasury. and IHC said the order for the l for driving the pumps. the worse, and above all the
guarantee mew platform i.s “over Fls.35m."j Same 20 percent of resources Government is considering a
Major Group Operating Companies include :
HOGG ROBINSON fr GARDNER MOUNTAIN LTD.
HOGG ROBINSON &■ GARDNER MOUNTAIN
. 4E1FE& PENSIONS) LTD.
THE CREDIT INSURANCE ASSOCIATION LTD.
HOGG ROBINSON -TRANSPORT HOLDINGS LTD.
The 1973.74 edition ot the Internationa]
Fund Year Book, just out, covers more funds
than ever before. Published by the Investors
Chronicle, it covers more than 220 leading
international offehore funds in detail.
After four years of publication, it has
established itself as the world’s leading authority
on international and offshore funds. The
investment potential of each fund is discussed and
practical examples are given to help you understand
tbe taxation and exchange control factors involved.
o Fur everyone interested in international
investment this Book is an essential ;£i2-worth of
easily aeposibie reference material.
To get your copy, simply send a cheque with
me coupon below.
Sony lifts third
quarter profits
Saitama Bank opens
London branch office
21% increase in pre-tax
profits . .. Growth rate expected
to be maintained this year.
Faints tram the SMawK of the Chairman, Mr. Francis Parkins, presented
«t the Artnoai 6 ami at Meeting held in London on dm 1st October. 1973,
. ‘ 6 Saitama Bank, one of Japan’s Securities Company (Deutschland)]
• Sony’s consolidated net profits date amounted to nearly SA24nt. 1 leading commercial banks is open- with a capital of DMIOm.
rose to\ <1,351 m^or 37U.S.cem& tlHm.i. ling a^Londoo branch office at * Jardine Matfaesoa announced!
' SUMMARY OFG ROUP RESULTS
company has entered into WaS
i.?t I «v^ v- •►Si5y ar «i en , n nonilier of joint venture deve- to tii e needs of its growing ^ completed the
ier' ^ Conso i- »»«*«* which were not formalities of Id
'S!i Jnl! completed at balance date. Profits ’ff 1 d’Ambrumenli FrizzeU Intep
V&?Si Va ¥o e ? the n^fn'ine ^ ZESTS that ttT com^
months of rhe current nsed w->r at ' ,::ou^, "» current year and wiiii} 1 ^. representati\e in has c h age< i name to Jardine
f'"'- ' L The°"ffic= C »iM '£ second branch '•*-«—» I»«™.tIonaL
Y20j!»lm. or sl.tr. per ADS. up • Hanimev Corporation pre-tax 1 office, the first being the New • Caterpillar Tractor company’s
from > lo.tiOIni.. or fri cents per profit was 73 per cent higher at : York agency- Saitama Bank has Caterpillar Brazil subsidiary has'
ADS. a year earlier. Consolidated s record $A3.b5m < 1.77m T on a 1 137 branches in Japan. Deposits acquired about 900 acres of land
sales rose to Y22hJM)m. from Iu mover up lx per cent, at in domestic branches of the bank a newly created Industrial area
^ l.o.692m. a year earlier. $A:w mm. (2fi.S2m.l for the vear ■ totalled SU.S.6J0Sj589m. on March of Piraacaba, about 100 mDes
Sony said the^e uood results f 0 j un e :io 1973 'Prnririon for' 31 - 19 ‘" north-west of Sao Paulo. The
have been achieved despite a liIX 8Alm. 1457.0001. \m Toho Bank and Kobe Bank *S? “ ew s,t ® V.1H
.(■Mnri nnnrpriolim. nf Mip inn .. . . • ‘“Ur . ““ ^ c p *“ 11 .irrammnrlaltf sriHprl mannFiMnii.'
-THE INTERNATIONAL FUND YEAR BOOK
To: Throgmonon Publications Limited,
30 Finsbnry’ Square, London ECsA iPJ.
(Registered office* Reg. No. 005696 England.
1972
£2,019,000
£1,118,000
2234p
14.5p
£396,000
Veer ended 31 st March 1973 1972
Profit before tax : £2^57,000 £2,01 9,000
Earned far Ordinary /, £1,332,000 £1,118,000
Earnings per share ' 2fi.50p 22B4p
Ordinary DfvidaKls ••• -*TSJZ25p 14.5p
Retained profit •••••'•. . £742,000 £396.000
* Gross eqonnfant-
"Last year I said that we were faying the foundations of a
sljong and expansionist. policy and tbe practical results are
reflected in the 21.7 per cent growth, trt profit before tax over
that for the previous year. We are now ready for the next stage
rn oar development.
"Although it ts too early to make any comrnents regarding
the cmrentyear's results, Lam confident that the- recent rate of
growth will be maimained."
ns&^ns&zs. js?asl
Please mail to me by return
The International Fund Year Book
. copy copied of
I cnc!o>e my cheque for ..
£ 12 per copy or 30 US Dollars by Surface AIjj I. 50 US
Dollars Ainoail. • P/ecse moke cheque payable ta Throgmori.iu
FnpUcatii’iu Li;;ntcd'<
a sffAr sir w aa a — j
A Hon rln -llntor n« nmfi., Of rbe total, 5L2SL601 shares wUJ
ADDRESS.
Subsidiary or Asso crated Companies operating in:
. UNITED' KING DOM FRANCE - ITALY
BELGIUM - CANADA ■ AUSTRALIA
NEW ZEALAND - PERU. - VENEZUELA
J AM A1CA.THE BAHAMAS AND CARIBBEAN
EAST, CENTRAL, WEST AND SOUTH AFRICA
per share is to ne paid, up from extraordinary profit from the sale j Federal”^ ‘Reserve 'Boa'rd approval McoSnl^ithout
Y4.5 H year earlier The extra of some properties and currency to acouire live Colorado ban I m o/ those
level With the Ausust total, in in? .-onipany noted that the ■ purchase to be completed follow- ~ ■
rhe term ended February, ifl.l*. salt- of Travelodge International ma shnreholdars approval. • 7™ A^/, tso - Gn,u P Plahs to- rn-
flonda earned Vii.l7.ini. The com- Incoi-poratvii tU-SA). at SA 11.50 a ; Q Nikko Securities has traps- Mfj r t In vanpus economic
pany plan-: to revert tu us u.su..- f^ha.v resulted, in j lo<- to the formed irs representative office in "f 1 Ia fj." n ! ni , n l ? t
V4..1 per share dividend in this Australian aroup of .-ii.42.Im.. and Frankfurt into a full branch bank. "JS a IL m JSi? e
period provision was made io write this; The office has been fully incor- SSr 0 or direc ; or s. “as saicL The
O Cie General* d ’Elect rich c— Firaf 0,r 1,1,1 * l Jun « porated in Germany as Nikko ^on^™lS? y i4ache??wS
hair 1073 profits before ^ tax • Nippon Paint Company will
reached Frs.Jn.hrn. i Frs.S3..,m. i. distribute a 5 per cent, free lssrie
INTERIM STATEMENT
IT e are pleased m annmtnrr thr Jurmniion
u] our Swiss tiff i Hate
hair 107a profits before tax
[reached Frt».Si0,rirn. i Frs.83J)m. i.
Figures include long-ierm capita!
zams from sales of assets ol
Frs.J5.4m. «Fry.:;.-ltr.).
Record for Nicholas
to shareholders of record October
31.
GREENS HI ELDS A.C.
Talacker 42. SOf.ll Zurii-h, Switzerland
9 Kaniagai-Gumi cx[>cct.; a 13.3
per cent, increase in net profits NICHOLAS INTERNATIONAL dividends for the year totalling
for the year to September -'JO. reports record group sales and per cent. 16.5 cents per share)
The company com pit- ted construe- earnin;;< for 1972/73 financial same as last year. The divi-
non and civil enatneerjns works (lend cover has increased from
estimated at \22.,.0iKim. tequiva- - tJr - _ t . 52 to 1.B4 cents, and earnings
Memorex
agreement
and thr appointinnit of
Dr. "Walter Tanner
as .Managing Director
Greenshields Incorporated
MorUrciil Tc*n»:Uo Oltiiwu Oucbci-
TTinnipcg ^annmvtT Calgary iluiuiilon i^ilmunlnn
Mt*w York Ti*n»I»>a Zurich
A liiri-i'i \cccmuflvc Corn c-on- ‘ s «- a . M an, ' r ! ? A " m,uw But trosi pressures are escalating vision or extra credit facilities. |
Sudiiied net profit «as SAuai/J.W t'r '!sAff‘ Profit S^jrm’^'Fnnri' ? J ’ d rh 1 <? h oa ^ pan - v «>« i >-*; ability The company said the new -
in year tn .July a 1 iTTKjMi. Protii ».,• ^2“' “ r !°~ F , ,|nd ^ match these and world infla- new arrangements "are .designed 1
nas after pruxiautn i>A 45 t>. 74 u ,ffI 1I ' n ,' L °!,' , v f J ® on ‘*nn:irj- trends by cssenh'al in- to allow Memorex to carry out a
1 555.751 > for lax. ,v“ nl lax creases in productivity and sales projected operating plan, which ’ t
Total dividend increased io 1 -“ vi"i • ar '"’’ “ n,f -' liat could he influenced b>- world will continue its operations as
per cent- i 14 ) with a final S per ^ 0 -* - ■ 7 0 - shortage of some of the raw available, on-going, independent •
cent, to be paid November ij. -Vs previously reported ’.he materials upon which it is business"
1 Total iunds employed at balance dUTcters have declared and paid dependent. Reuter " - 1
( C "T
— — ma, 1
•1
iQlrt tax
icts
t-S. October 1
Market Crunmis-
-oay that it intro-
xes on 'J1 semi-
anil barley pro-
yesterday,
inn also said i(
lit* Cutmcil ut
\puri controls on
the Cnnimnn
lip made mure
oT expectations
■t*<l ihi* »caMjn.
'rou*n in the EEC
a nneri.
total EEC rice
K)0 tons husked,
said some ffOO.OOO
• available for
the Council that
emained at least
c the EEC mini-
price. exports
tied either hy an
.* a limitation nr
in of export
are currently
cent, and 60 per
^“-’oiumuDity price,
:• iricty.
' -is estimated this
•>; . Market cereals
’ tal 'about 105m.
;c of l.lni. tons
bumper crop.
I. which includes
ove the average
toDS recorded in
s show record
ons of barley and
laize. Soft wheat
lightly down at
■xpeeted to reach
icarly lm. tons
-■ear.
>eef no cheaper despite
lower auction prices
«• -V
v C i
almond
to
rpiy
.1 output, one of
I sector's main
nuo. is expected
year to 900.000
l.‘J77m. quintals
le Government
La t is tics P-nard
reports AP-Dow
•nd production
quintals yielded |
in! i iuS despite,
•rnduclloc. which j
n every other!
country except
were calm with-
it*. increase in
A“'n mu put was}
iy,„ne hiqli cost of r
v lor the hardest,
»• rising! emipra-
" . . to urban areas
a shortage of;
BY PETER BULLEN
RISING PRICES (or pork, lamb
•■nd poultry were blamed y osier-
day fur the fact that retail beef
prices have nm fallen despite a
drop in prices paid ' at cattle
a net inns.
Since mid-July ihe U.K. aver-
astr market price for beet cattle
has dropped hy almost Tl a live
cwl from i'10 to CIS. 05 at the end
of Iasi week as the number of
cattle marketed has gradually
been increased. Prices on whole-
sale markets have remained
almost unchanged however.
At Smithficld. Scotch killed
•rides were selling at 27p to 3Qp
a pound in mid-July and up to
this week they have remained
the same apart from minor
fluctuations at the lower end of
the ranne.
Swing back
Mr. Colin Ctillimore. general
manager of the largest chain of
retail butchers shops in the
country, said the recent rise in
pork, lamb and poultry prices-
bad led to a firming in demand
for beef both in the shops and at
wholesale level which had con-
tributed to maintaining the price
levels.
Over the past two weeks sales
or beef from his company's 1.500
shops had .gone up on average by
150 lbs per shop which indicated
the swing back to. beef by house-
wives a;, other meats became
more expensive. In fact, the
overall cost uf meat into ihe
butcher’s shop was now higher
than it bad been at the height
of the dear beef slorm in
January, he said. At that time
meat was costing 26.2 a lb to
bring into the shop whereas to-
day it was 29 -Up a lb, due mainly
to the rise in pork and lamb
prices.
A spokesman for the National
Federation of Meat Traders’
Associations also said the effect
of other meat prices had pre-
vented wholesale beef prices
from falling which meant re-
tailers were still unable to make
more than selected price reduc-
tions on a few cuts of beef.
There is still optimism in the
trade and in the Ministry of
Agriculture that fanners will in-
crease their marketings of beef
cattle over the next few weeks
leading to cheaper beef in the
shops eventually, but any sharp
fall in price Is beginning to be
ruled out. In fact the aver
price uf live cattle moved
By John Edwards
.A MOVE by Norjnda to raise its
ige I price for cooper in Canada and
, __ .. . . up > :h«* U S from AT to 74 tents a
yesterday io £15.23 a ewi follow- j {J i,un.l gave a late boost loathe
mg a fall in offerings j copper mark el yesterday _ Cash
EEC levies i-.nd duties should j wi rebars in fad. closed fR-S l^awer
help the situation c-n the UR. « : * nieirie *<.n. but raoud
market though bv making ex-U'P on the I ale kerb Nnrandas
ports from Britain and Ireland ! move was later followert b>
to the Continent less attractive Hudson Bay. the AAC subSH^ary
>t-hi<*h thmiiri inrt-n.K» Aunniin-: in fact the Nnranna move
which should increase supplies
on the home market.
Small shipments
Export refund payment*? on
cattle sent to the U.K. by other
members of the EEC have now
reached The point that wiih
British market prices at present
levels small shipments of French
and German beef are arriving in
U.K. markets.
Meanwhile FORMA. the
French official body*, has forecast
a 15 per cent, increase in French
beef output in the September/
December period compared with
the same period last year. They
have also forecast that this may
lead to as much as 10.000 metric
tons Df beef being bought into
intervention compared with only
363 tons for the* months up to
mid-Septem ber.
BY OUR OWN CORRESPONDENT
inc dealer price for copper in ihe
T.i.s.. and well above the domestic
producers price of 60 cents
A fail of 2 300 tons in copper
stocks held in Londpn Metal
Exchange warehouses, reducing
the tntiil in 40.125 tons, was
r3iher less than predicted
As expected tin stocks fell — by
240 to 4.034 tons, but lead stocks
rose again by i.025 to 2S.700 tons
and zinc by 75 to 11.625 tons.
EEC dairy quotas
BY LOR ELIES OLSLAGER
M. PIERRE LARDINOIS. the
EEC Commissioner responsible
for agriculture, has warned the
European dairy industry that it
must bear part of the responsi-
bility for reducin gthe Com-
munity's butler surplus. Other-
wise. be said in a speech to Dutch
farmers, the EEC might have to
consider such “desperate mea-
sures" as national quotas for
dairy production.
M. Lardinois stressed that he
was averse to proposing such
steps, but that they could only
be avoided if the industry was
willing to co-operate.
He said that the price relation-
ship for huricr fat and milk
proteins was still not right.
When the EEC was formed. 90
per cent, of the dairy farmers'
remuneration came from the f2t
content of milk ahd only 10 per
cent, from proteins. Now The
relationship was 5S to 42. but in
his view it should he 50-50.
He si i wen tin- dangers r.f
uving mere- and more imported
vegetable fats »n the dairy
iudustry. bul added that there
would be grave interna lion a 1
repercussions ir the EEC. changed
ils present liberal regime for
importin' such fats. The remedy,
it seems, is to use real cream for
making ion: renin and other dairy
product*!.
Mr. Ljrdinois also called ou
the European dairy industry to
make greater efforts to stimulate
butter consumption. Health
arguments advanced against eat-
ing butter were so far not based
on sound scientific findings.
This is the second time that
Mr. Lardinois has publicly told
dairy producers that they must
share the responsibility for
reducing the butter surplus —
which he considers the most
serious problem confronting the
Common AgriculutTal Policy and
apparently the only field in' need
of drastic reform. The implicit
threat of quotas is new. in
discussions within the European
Commission, he has suggested a
tax on milk to be levied at the
dairy
Peter Tumlati reports Trom
Rome That Sie. Mario Ferrari
Aggradi. the Italian Minister for
Agriculture, has complained
bitterly that the Common Market
agricultural policy had been
damaging Italian Farmers.
Addressing the standing com-
mitUv for agriculture of the
chamber of deputies, he said that
Ihe system of border taxes
introduced by Brussels to offset
the effects of Italy's decision to
float the Lira was uurkiog
unfairly.
In the case of mill:, for
example, he said, whereas the
price secured by Italian dairy
Zinc up
BRUSSELS. OcL 1.
farmers had declined by 15 Lire
to about SO Lire a litre, a subsidy
of 15 Lire a litre was being paid
to French exporters of milk to
Italy and one of 30 Lire to
German exporters. As a result of
this whereas Italian farmers !
ALTHOUGH for the firsi time u found that it had procured
for a century Burma has ■.**'!;. about 4uiii. l>a.-i'.eU> uf
suspended rice exports this year. path!;, from f jri.sers. and this
she has not succeeded in pro- despite a newly er-niied pm ■-*
.venting a difficult situation ji rise r.f around 1L-.5 per cent. m.l
should hate little impart, since j home Domestic rice prices have repealed appeals r-> farn eiv
iLs new price is still well below j shot up to un precede axed be coud social inis and soil iheir
heights: for the lowest quality paddy only to the Stale. It vas»
rice. Irani Kyats 16.40 'about surmised then that not more
£12I0> to around Kyats 70 t £5 » than Sum. baskets would Im:
for a standard basket of 75 lbs. forthcoming from farmers in the
j registering a rise of abuut 40U J a nua ry-October buying season,
per cent. In central and northern TIk* Government began la led
Burma and the Ironlier regiuns worried, for even in ihe crisis
where local rice cultivation is year of 1967. it was a Mu t>» pio-
negligible the prices are much cure lOSr.i. baskets,
higher often reaching the Meanwhile, a rice libel mai fc.*i
unheard ol level of Kyats _oU j iat | developed as the Gmeiii-
(£10.70) a basket me til had been unable i,i e.i-ei
News reports indicate that consumt . r ntv d s fully. I'l.-uk
many families in such areas have pr , cej> haii h v\>i, rising sli-ndii-.
had to supplement their meagre Wllh private traders luun's
nee supplies with maize, roots ,- ani , crs n]U ch moiv lba:S Hi.-
or bamboo shots rhe situation. Government— fetnu KM to 270
however, is unlikely to develop per hundred baskets apamsi ih-
into crisis proportions as it did ofncial prices of 130 lu £J7
in 1967. when acute shortage led TherK was r ,, asun , y i w i,
*°jj re lootings here and there. therefore thai farmers had been
The estimated output m the withholding sizeable slocks from
current year was 362m. standard ^ Government m order u. u-
baskets fof 46 Jbs each) of paddy ab , e to selI tl( ^ hlackmarket.
■which, on milling, would yield
[4.3m. tons of rice. It is much jv j.
less than the preceding year's Jtji.QH.FCf
392m. baskets of paddy or 4.7m. ®
tons of rice. With Burma's yearly But unsure ol the exact size of
rice consumption being around the stocks in fanner's hands, and
4.2m. tons, the 4.3m.-ton-output unwilling to employ coercive
was considered enough to meet methods such as seizing or
domestic needs and even to freezing the stocks, the Guvern-
... to forgel its
Iasi week totalling over 400 tons- gut the Government, which socialism for a while and let
— equivalent to an annual rate of ) has been handling the rice trade market forces take over. It
20.000 IfjnS. I t nnn r > cucrianrlrtrl rina ovnorie in \T -j
Texas Gulf Inc. announced in
Toronto late yesterday that it
was increasing its zinc prices
with immediate effect in the
U.S. and Canada by 3 cents a lb.
l ra * 1 **rs
to operate
in Ihe *.ip'*:»
ii*.-t*. ,t-J
uf *n (:*•:■
i.t-f :•:•<. .
li n:t- li;*S
K-d :*» hri7'~
hiridi. n
to Hi
■ lii.nV.Li u;.'1
.1 11 *.**.* r ll*
\c i't rue 'li
ill - ri.'Un'f’ . F.t'.I
>1 h..:> l-'il- ri
«u I'i'i;!-:
ill-.- s*.’ t : i’ll i-2
pr:e**n *J**»«ii
li h.jrf in
fact l-.-il U*
illi'lhur ;•!'!: -■
ribos-
iiivl'jM:
liecau.-i- * ,! ’
■K. mrllir
1:1 I'.*; i:i*?r*»‘
htilids.
|*W. lli jfl'.V
tnuro:ii n I*:*
1 r.nicr ;
anti ihe ht^li f-'at.- *•'
Bt.fiii.iV
•jrt'tfhl.'
1 Mj<Jb‘f|llLle
UjII. '}>*>!
t ^ertii'e-.
Tiiv
IliMili.'I) 1 4
(i nli':. *.*];•' «•*
.il ;!> • 'n-*.
l harvesi m
■l.ir.n:*r>
1 * 1 hut
ui. u :> n*n
m* rs*.' li.'-
••n**:i-ii l<
::-.T* till
in*.- un
-ri*. A;*
n;ii-.*ui !y for-
sales protest
BOLIVIA is to protest formally
to the U.S. about sales of tin from
the stockpile being disposed of at
a faster rate than expected.
Reuter reports from La Paz. U.S. i iisviw miim v>sm w o
sales of stockpile tin ruse^sharp^y J loave a small surplus for export, ment decided
...- « MUMII unaan 20 - 000 lons - [since 1963. became aware of a suspended rice exports in March,
were securing less than SO Lire' It is understood that the special ■ possible shortage for the first and decontrolled the rice trade
a litre. German farmers thanks i wo ^ k!n ? T P ar V of , the Inter- j time in March. After three in May.
to the subsidy we re acttinc 1 naUona ‘ Tin '- ol f nci1 considering 'months of buying from January, The move ha* enabled private
110 Lire a litre for the milk ) U s - stockpile h 3£ sgreed toi w . — — — ■ — ,
cnM tn itoi,. [send a four-man mission to the I
U.S. in the near Future to clarify
* rr. : ;■ is. i'.iun* Mil ih'.-T U N*
\ ,' i :i nvi. nil.) Ini.: she !»* , uj»le lhai
uvon lhnu.:b Im-j. uii jit :i**t haw
m u '.-b rice ■*: be I ore. they
vi-ui-l vnn-j.nl> noi starve, for
:h*.- «;■.-*■. o i nnten: h:*d enoimh
stud;.' J** :ssu<* u» them :*l least
:* ; hi. ‘il r.i ib ir >::.:*:il rice quota
1 1 1 1 i in- a*-., crop a - •pears three
i!i,.ii:/i- }:<•;*••;• *Tiie full >*uola is
about -7-* puunilf. **f nee per bead
a monin'
In ihe cuneM ivn cultural
yea* Jul.) M‘7.l Burma
hai pm 12 4 in. utc> under
padd .- . The u eaihcr ins been
gu«»«l. ami i h*- preliminary
official rniY-(\i.-.|.- n:iv»- :»ul ouipui
ai -10 2 iii Uriels of paddy or
ahoui 4.Sia p<n> ol rice Tros-
peel*- f<>. in- ueM harvest are
ilu*rc fori* ••ri-lii. and *inle c ? the
rvccni iSypb-iiiber i lai.* rains
have been ion darojging to
standing padd;. in .-nme areas.
Burma will he in a position to
ri'-ium* export! next war.
they sold to Italy.
. ... c.a. i;i me near ruiuie iu mamy, — _
Cocoa pact starts work
Fundi to the cost of which Italy I mant tn »ii only 6.500 tons I *
- , . __ Italy ! nient to sell
contributed 20 per cent..
Sig. Ferrari Aggradi said that i
concerning the Italian Govern-!
meat's recent efforts to keep!
down the price of bread “ we I
have not received any help from
the Community in this opera-'
tion.” Italy had been obliged to :
buy wheat from France at 95.00U,
Lire a ton whereas the same
BY ROBIN REEVES, COMMODITIES EDITOR
more costly
By Our Commodities Staff
■ THE Executive Committee of the the absence of a buffer stock
■new International Cocoa Agree- there is little the committee can
ment gt>’ down to its first proper do.
working session in London yes- Main interest centres on any
'terday. adjustment the committee mighi
: Among the major items on the recommend in the ceiling aDd
- . ---- , . .. „ . „. . . ; agenda were the preparation of floor price to take account of
wheat was being sold in France A J?, riee rules for the operation of the parity changes since these prices
as cattle feed at aoout 77.500 oy *33 to i _1.41b.S3 a metric ton . stock, the effect on cocoa were negotiated.
Lire a ton. tor U.K. consumers was | pr j ces 0 f c h an ges in currency Meanwhile, prices on the cocoa
Our commodities staff adds: ; announced yesterday by Interna- [exchange rates, what action can market fell sharply yesterday as
In Brussels. Ira Iy nas been Nickel. The increase ; jj e taken as a result of the indi- a result nt speculative selling,
reported to have asked to in- . follows the fall in the value of : cator pr j ce heing above the ceil- The Ghana Cocoa Marketing
crease its domestic farm prices . sterling against the U.S. dollar | | n g price, and obstacles to cocoa Board reported that purchases
so as to reduce or remove some . »n September to an average j consumption, of main crop cocoa from farmers
of the monetary border taxes, exchange rate of S2.42 against Although the indicator price Is in the second week of the season
The European Commission is in August. I at present around 60 cents a totalled 3.30$ tons,
apparently seeking more in- The sterling price of nickel , pound compared with the present Although this was higher than
formation from the Rome is bascu-on the world dollar ■ agreement ceiling price of 32 expected, not too much attention
Government before making any quotation and the sterling/dollar . cents and floor price of 22 cents, is being paid to early season
recommendations. . parity jn the preceding month. : no action is expected, since in figures.
anchovy
later
this month
LIMA. Oct. 1.
THE Peruvian Marine Institute
announced i» will be able to
report on the cunriition of
anchovy supplies in the sea off
Peru in the second half nf
October following the investiga-
tion concluded last week.
This investigation— code-named
“Operation Eureka ''—covered
the full length of the Peruvian
coast.
Senor Javier TanVak-an Vaulni,
the Fisheries Minister, said the
results would be published soon.
If the results are positive, the
Ministry might order exploratory
fishing
Reuter
T
ODBTY MARKET REPORTS AND PRBCES
TALS
«l in rsib-’r on n-r
*lon M-**jI FvrliaiK.
*■ ?■•-<■•<* uii-irl*.- i •**»;■
in»i:: i-amt-s. .viitr
or. - i .vijri.r'_ rt-alin*#.
-f- -r |'..l7. — .!'
— 1 nolUrni
■ 3'/ 790-2
■63
• 5 5 778 9
4
+ 4 —
2 7ti0-2
■ -•6.5
-.l?!. ; 67-tnJ
-1.:.
2 —
. ... *60-6C"a
l i- ; ; Krts-h l*i»!*-
!*• |ir!«v up lu IT--7
ppt-:ii:u. "t u-iia :*»o
infini *»<■ J l-*’ i r. *••
,»... •) Then Miv.jl.-d
ro<*(>*' r..*rb. IKIM- VI- r.
r.vw Uut cuiadn's A'ora::d3 1)3*1 rjis*d
pne- I'jr conn IO 14 wills pD'dmvil
a r-OHnn IO *7«l.
.•\ni.ilc.i*"j!-'u .M.-ul Croup roporfed lhai
in Hi*- morn i mnliirn Irodiil at
fwu. .v). (C. .Mfly mu. ‘-ini, Iji,- >.n*. rri4.
In:- t".c IT". thr»v uiunih- l~i1 *o *-i.
J... .-..i t.-iiliuif-i. lliro-.- nionihs l7»l. *•;.
u:. K* rl>.:: Borv. Iju- u.-l. Itfll.
lot. p.-.» rr-i. ihr»f noi-nilm irsi. k:.
Aifcrnoo**: W:ri bars- cuU irul. W. Lariy
iKi. miJ-b'-c. f:*!. Hint : - Jonihs
ITT*. T .. TO M M) II* 77. 7S. ^.3. Ctlhodi-*:
L.i *«* |).-<*. t;*,: Ki-rb-s l.i k* L'.-c. t7M*.
Ihr—- m,-r:ln TTTS io M.
TIM — C.i<h nicial iraJol at an Ml-lim?
r-vuM r.’l.-V .n Mafl«* j< f refill hny-
I": wul-n.J *:..* l*acr*«jrd.i;ion to o»,r
£ iii. r**ili i-iKfc- I 1 *.- naht supniy situjiiun
a: rh*- iii.t ol ibis ntumh and ilu. ''arly
P*rt of .\<nvml»'*r. In :h<- .ilivnonn.
liMwvtr :hi* pr:n* vas***! back :o 13.181.
> ilitrc ilu- ivrward qi:o:siion wmli ir — tl>»*
! iii.-r i*:.J.r.r. :*t r.-.i 5.“ .-licr i: l?«— jpJ
th.- t*iicki>.iril:iiii*n n.irrowd io £03. Tiim-
iiv.-r i* .■** l-iii i
TIN
».*«*. : + »*t* l-.ni. + or
llllicml • — ! L'liiiincml' 1 —
COCOA
Club 1 Z18Q-2
moiittw. | 2137 8
S'lnviu .... 2182
r>inuit h..‘ :s687l-
A**** tiTl.
: y f f
• -* 51 1 2163-5 '-3 b
*+ 18.&; 2130-2 *— lt.5
-J) - !
1
"241.50 *D,
Morpmc: cash i- UiZ. tbre-o monrbz
12.141). S.. „7. :.i. Kerb: early Nov.
£J.1in. ihr*-*.- niouiha C.nr,. Ali-rnoon:
* ash IU 173. early ucr. £2.177. mid-Oct.
£2.170. 1-7. farly .\u>*. El.laS. IjIc D*-C.
12.0'. ibr--.- month.** c: IM i« 29. "0. Ki-rt:
tjl** Dec. £2 V.*. IhlVc momhs 12.1^3.
LEAD— Easier. The riji? In warubousc
siuL-ki was lux-atir ihao sane rally *ut-
wli**J and proiupr.-d fr-cr vltorlngs of
naarby mvial This, coupled wiih Uic
• jskT ion** of copper and sine, lull prices
shfn*in^ modest fjUs on balance. Tun>
over. f .043 tons.
Heavy imuidaucn of :t-.t n-arsv Dx*a-
bi r ■■onira-.-t :n Londori and >**•«* Vori:
L*ausv>J pvrwstcn* * a Vat s; *hmaxho*ji
*.■)-• day. d> spue ifc-' :rj*. I :)*;:;* of firsi- hard
r-.-il.TS, HnCii *,«VJ r.var Uj-.„- Jj-h:
unh D<*.~. nih* r. is::. «h-.-.1cLri iono r:y
r.cons >7:11 and DuCus
COCOA
ipteruv’i +
Close
Done
-iO .5 609.0-44.0
-19.? 552.5-72.0
20.0529.5-48.0
-17.D525.0 36.C
-li 518.5-24.0
— 15.i-796.5-5OS.0
lots of :-rn mcL-,c
LJzAJL)
K-ui. r »*ri |ktu. ,r ur
I*iIicih' — L'nofuv-ml * : —
Brotherhood Limited
i M muiacturers of Precision Machinery)
ore extracts from the statement by the Chairman,
•dner circulated with the report and accounts.
*c \e.ir :o 3 1st March. 7973. was C593.2B5 compared
fo* fir* year ended 3^ si M.:rch. 19T2. and is in line wiih
tioui.' o! *'nc»i kf* than C575.000" published last April
jf cn lent. Your Du ec tors have, dierefore. decided io follow
■oitcseU *n then intciim statement ana have recommended
n.*l dividend in respect ol the year ended 31st March,
pence per share net.
nm v dividends for the year under review' jmount to 1 7.5%
i leu I .iied on the old basis) compared with 1 3.5% (in-
r.omponsniion for delayed payment) for the year ended
1 *•
\ diftii~.nl; trading conditions, which had existed for the
jars in the capital goods market in which vour Company
iued throughout The year under renew. Sales remained
■ as the previous year.
fo to make ,i further reduction in stocks and work in
amounted to some C44S.000 after adjusting tor pay-
nt. Tiieie is. of course, a limit to this process of reduction,
utactunng cycle in relation to turnover and the incidence
major contracts but it remains our intention to work as
ib<e to the practical minimum.
•cess.irv far ihi: eventual welfare of the country, tho
jonontic connok seems to me to have further delayed the
once amongsr manutacturers and processors to whom we
,-quij^mem Yi*t signs of improvement may bo discerned.
i»* consumer goods industries is slowly leading to orders
in«n>*. Genuine enquiries lor new equipment are more
order book xhows an improvement on the position a year
e comment made m cur Jnltrim statement in April— that
or better than or any nme during the past iwo years— bur
lo run lumber tJ*Jl it does, of course, lake same time before
iprov-cd conditions are reported in the accounts. •
y jn make a forecast for the year Tc* 31st March 1974 but
do whon I announce the interim dividend,
o full report and accounts may be obtained from
The Secretary. Peter Brotherhood Lrmired,
Lincoln Road, Peterborough PE4 6AB.
Tn the Holders of
al Cable International N.V.
narantccd Floating Rate Loan Notes 19S0
ce with the provisions of the above Notes,
t Conipanj", as Fiscal Agent, lias determined
Interest payable with respect fo Coupon No.
v. March 29. 1974 to be Eleven and Five-
cent* ) per annum.
Ir>-ing Trust Company,
073 Fiscal Agent
■ ; «■' i •*
V'ash 187-8 —l.i.! JB6-.5
QinnUis. ' iM.5-.7S— 1.5 189-.5
ai'iiieijr 188 -1.25: —
•'.I. - i .... 'It-Ic.’j
-2.5
-zs,
Uorronfl: cash X15S. W.3. S7.3. early
Jin. iini>j. inirt-Xuv. £l°ii.o, ^i. three
mnnihs fl?i Id M.5. Kerb: ilin.-i.- DKiiilte>
- 1 W|1 - W.5. .\fti nioon: cash ns/:, threr
tnnnihx ii«o. >-9 3 . sg. s9.p. J^erb: mid-OcL
tl>7. inid-r'-.c. £ 1 ^. ihroi. mom Ils iimi.3.
ZINC — Prefil-LAking fmi.icJ buyers relut-
:.u>: innii r-hun eov- rjnc was seen m
fi'mard mt-nl tvlucu rccoven-d from
il.'i. j in Ill's on ihe ufloruooa Kerb.
Tumoii r: *>.lfj lous.
Noli.'onrrne!
Uec.lKS 6 10.0-0.3
■Msrcii. 552.5-3 0
JUe...._ 550.0-0.5
July 522.0-3.0
btjjkjniber... S 1 5. 0-8.0
Ooeembei... 495.0-6.5
Maieli ..... ...485.0-S.0
Sales: 4 10, l4.ba
tons.
COFFEE
Rnbusta5 showed an irrcca!ar trend
with acunir slow and buy-.rs jaJ seEors
ivrr seiisinvc io acv sisrs pressure
from the other side of she ia.irk.-w Eu;
AroblcJS moved ticfcer a.: sellers
reserve.
• ciSPUk • lta t-i ll l il- a l.' SjUlIGc.--
i.uFrBK , ClM ,-» _ L<ooe
HCCA— Avora/e ox-foroa spot pnees for duality* 47.0; Dutch hinds and ends 57.0 PRICE CHANGES
wo.;: ending S-fi Soft mllllnB Id BI.O.
wheal— SE £j7.iu. S« (EO.nb. East I5f-60. Lamb: English medium 2S.0 to 34.0. Prices per ton unless otherwise stated.
E. Mjdia.-ds £57. jn. V.‘. JltidJands I5S.S5. h-.avy 37.0 ia 23.5; Sroich medium 2S.0 lo ... .
::E £S7 3?. NW £7Sl.j. Sell land £39 33. 32.0. heavy 27 U lo 20.3. hill 24.U to 31.0: i + ,,r
f.K. £3a 20 Feeding barley — SE £45.70. Eire 2S.0 lu 30.1): lmpo.led frozen New ! — “ a "
SW £47.75. East i4V.ni. E. Midlands 147 to. Zealand D - s 30.0, 2‘s 30.0 io 3D.:i. YLs „ . ,
V. .Vi-Jlards £4I?.40. XE £46. <>D. NW £47.no. sj.3 io =0.fl. petals. . , ____
Scn-Jor/i U.K £47.15. Pork: English, under inO lbs 15.0 lo Al.m.li.lumm). .. . £250
Liication aivru.v eX-fami snot pntvi. ;-,.o. ItW-120 lh^ IS.5 io 24.0. 120-160 lbs rree niHikei ell £.307-12 -4.0 tiOa-10
Soh milling whcai-^rambam £56.50. 2 ft o tc ;3.n. lfiO-150 lbs 19.3 lo 21 . 0 , ISO y-l'Kr •
.\ot»-ilI* I50.M. Feeding barley— lbs acd uv-r 17..*i m 19 n L*.-li « uvUsm u. i..'L79 1 6.5 £.80a
i Iran:. ham 140'JO. Murwkh £40.63 Meal Commission— A r eras. - fatSIOcR 3 ''‘‘"‘Uw •!•• d» •«i.i£778.5 .— 4.D H7B3.5
EEC CRAIN LEVIES— Tile folWin^ p r)C ,, S ai r-presrnia:.v- markets on ‘ B:l1 ««i-'C761 —6.5 £78 7
ir-.*--; a-.d pr<m:urrs are elTccuve lor o.-iober l. U.K.— Caul* £15.23 per live 3 mint In. .1.. m, £75e.5 — 1.5 .£767
0;!ober 2. :B L'nns r.f Annum her momc r sbL-p :c.6p per pound Tn.y .«»JS97.75 '-2.255104.5
ton (,n ordLr— current levy plus Novom- t-.H.c-w. •— pi« £: 33 per sc.l.w. Uinl L'ji>Ii i n 12186.25— 2.5 i‘J76
b^r. December and January pn’miums. i^oij' England and Wales— Catlle 5 mnmlis <»» — JL189. 25 —2.5 -12181.25
;.oiind edvw r-0.1>; Pics £3.22 per score 0^ , ,
l.w. «-0.l3>. Ensland and Wain — CaiUe Jj* 1 ™
numbers lip 6.9 per cent., average price ■'wueunui
X per IffJE
..INv
-r ' i ■••«». -t-
L>fiiciai .*r — I nudnanl i—
Xorember^.' 48S.O-5.0
■Jail mery— ■ 477.5 B.0
U aren , 435.5-6.0
Msy 49I.O-1.5
July ’ 495.D-6.0
'.|4W«r.
X-.i i-ml-er.
— 1.75 45S.5-:2.5
-2J) j;:.a 5.0
-Z.0 »5 i. 5-5 .5
- I.5?4i:.5-£I.C
-0.25 4=4.S-5.C
SUGAR
LONDON DAILY PRICE— Lower ac ^ V ■ “ II2BZ8
SSS™ 0 ’ 3 ,M Cif f0F K0 ‘ Vn,btr p"p §377
Smail losses were recoixled in early "f- , c ^
:-almi,s ar.d after ihe LDP was reduced .. O.loi. Svuila&il— Caillc ninnlMrs
,* 6.0
499.5-3G3.5 - 1.25 455.3
503.0.5.0
: y*r and lie oflernoon saw prices risina
436-8 — i.25' 435-6 : -9.5
uinririi% 427.5 6.5 -l.2ii 427-.2S -B.S;
Vmeiii. ... -*38 —2.5; -- ■ • ....
v r<xn-. . . j . -'t -c
Mnminp. l-jsIi £137. .75, 77, three mnnihs
J-Ltf ai.s. 30. 70.3 io 27. Kerb: three
monihh HZ'. 27.5. ;>fu-rDiMD: early Ort.
£43.i. lale Die. £421 5. ibruc monlbs r-427.
27. j. 27, 2«. 2S.j. 27. Kerb: mid-Dec. £42s.
laic Dec. £42-, 27. ibruc months T425 io
26 S. 27.3.
* Cents per lb. f On previous unofficial
clasm. ; #M per pi--iiL
SILVER
Silver was Used ft.5n an ounce timber
for 4 pul delivery iu Hie LMdon bullion
market at lUJSp. The three-monui
premium was uuihance d ai 2 e>*ip, bur
Uic aix-mpnih widened P.lOp ui T.IOp.
and tb.- £2-monili U.lup iu n.jpp U.S.
‘■eiil eqim aleni of ihe fixinp pnees wen*:
spol 270.9c np 1.2c: llirce-ninnth 276.be.
up 1 li: r.it roonih 2S2.lc up 0.5c: uiid
12-monlh 291. Jr. up P.7c. The spot price
opened in London ai Iir-lHp '27725-
274.73c!, and fell w lU.d-lI2.fip '2fi9.3-
27?.nci a-, one poini in tlw morning. Thu
•■ioslo.: level, alter luodcraic business,
was lit 5-H.*.f.p i2:0-272ci.
Sales 393 ' 490* lo:s "of 3 :ot.s.
Laics: pubLshtJ ICO i3dica;ar pri::5.
U.S. cents per pound. Lo.cma.aa M Jd
Arab leas 17L25 1 72.73 1 . OtS-ir M 2 i
Arablcas r,2J5 ' 62 3S>. L'nwasbed Arabics;
Samos Four 72 SS isame.. Robusias 52 07
1 32.19*. DaJly averaai: 54.0T i^4 25i.
ARASICA CONTRACT quietly sirady
(order buyer/selier/busincssi: Feb. ~.0a.
7L2D, ml: April 74.23-74 40 74 JO-77. W:
June 73.33-73.60. Tj.M-ia.B-u: An^ur* 7C.50-
7G.W. 76 4O-7o.50; Cot. 77.00- 77 76.90.
Sales 40 lots.
RUBBER
EASIER Dpeamc, quiet : broncho u: the
day closing mm with sclk rs reserved.
Lewis and Peat reported a KaJarsian
god own price of J57* cents a k*io 'buyer,
October'. '
.-i- i..- .... .
■ '■■■I'rurl*. i>Sic«i leiv r
8u- Inc-- price-.- rr.c ■- '
I! sIitu - .
K5S I. . p p p >
e.uT.axmti
rewis, | I
h.tVL
torts l ( \
October ...not nvaiai — —
.VivMnD'rUMt aml.i6Q.Ei- 75 30 0 -6.25
Uevoihcr.muL *v»i...23.S-i0.25 29.5 —0.7
l-i-O;
Per ccaL. average price £3 19 L 4n 8 « 5<1 ‘- ,,n *-l “
3 „ (-rO.OCi.
-S P^duL-^^B^iSn' Snrley Frcarh — t ■ ;
dMJFMMNte. Prices eased again b-.W : £B1 '® j* 0 -** 51 -"
South African: Valencia Lates 56 2.63. 72 No. 3 Tellmv Am: £63.75 +0.5 £53.6
2. SO. 6S 2.45. 112 2.45. 126 1.95: Californian: S.A. Tellw Fiior..: ; ;
2.00. Lemons— Turkish: 109.126 4.50: tVlieai , ,
Italian: 5.00. Grapefruit— Domini ran: 27 No. 1. Hot Sprioj;- * ' ;
2 33. 22 2 45 35 2.«. 40 2.7B. 4S 2.0D, Xn. S.Hsnlt\ inter ! ;
S’. 2.39: Jamaican: 27'32-35 3.00, 40/49 56 AustraLnn !f.»i)....
s.r^ng.
Ftvi. lesUnUy'i
-L-min Close
Coo.
I'rertMi. . Uujuuear
Day 1 . I Done
Close
'JO 9B.20-C7
£ per too
49.15-50 -P7 KS-aft
9.00. 64 i.ftQ: .laffa; 49/50 3.30. 64 3.07, English lulling .... £61.5 i-r0.26L59
-n 77. 2.87. 5b 2.57. Mandarines— Australian:
I-cwl paper sacks was Tomatoes — Jersey: 1.90: durniw 190:
ti»l 6A 51. \»t .£845 £24p
r*UK«r OIIOO — 1.0 £91
-I LV til Uullino '4- or. LMK + or
tiw using 1 — claw j —
'wy w. |ncn
lia.2p f-1.0
115.89{>r-I.O
1 ......
120.15pl— 1.0
■Spot ! I12.35|i +0.6
' iciinUii. • 116.15). -fO.E
•miMirh*^ 1 19.45|< *0.6
. iTiniilft*,
Lmh...'*... 1J5.75ji -rO.5 __ __
LME — Turnover 240 '202) leu af~ lu.ouo
ius. Cash 112.4. mr<— m»nrhs 118.3. iiii.2,
Un.l. TIC 0. U5.K. 113.9. 116.0. Three
m units 115.9. Cash 112 5. 11221. three
months I Ttl.0. 115.9. 116.0. 116.1. 115.3,
115.3. 113.6. 113 7. U5.S. 115 9. Three
mnnihs 115.3, 116(1.
FREIGHTS
= 3.5
54.-4
52.5
32.05
£1.75
£0.30
29.5
’9.5
29.45
29 40
2C.3S
29.50
_Z9.CS
41.5 »S*.
5S.5i
-0 7
— 0.T
- 0.2
-O 4
-5.25
-3.2>
-0.25
-0.25
— 0.2
-3.1i
-C.)
-0.05
DRY CARO— Grain chartering was otitic
active with a vessel beuu; booked from
the u 5, Gulf io China m (50 fio and from
ibr unic loading area to Chile at $5? Go,
bnth with »jcl loading. At the same time,
business was reported to huve been con-
■'luitid from ihe U_s. Gulf io Japan at
£25.75 fm Inr il.l.-Soi. Tmmur.c was also
scenrcd for a voyage frcai the II S. North
Pacific io Sornh Korun nr t»9S0 free
Uwh.irMe in Dec., and from ihe final
Lakes io Holland .11 Kt iriib camplinon
of load Inc at Si Laurence at £14 da for
OiX.'Nov. lajnited niiKeUam.«u cfiurtrr-
ing uk luded a muriate "I potash earco
fnen Ham burs and Bremen lo India ai
625 fin lor Oct. In the timecharter sector
j vessel of nearly Jl.tWO d w.t. was bnokeil
with ill- live ry In Japan fur five lo seven
monihs ir.uluu at 5iC5 per ran. and a
51. don lonwi* was scrarcd with delivery
on ihe ContiucDl lor 50 tn baths business
nt S>« her :on-
4»|KH. , — 5i.3-£5.25
NuVomS'i; — .J.B 55.£
Ues-'n • — 3.2 ;5.o
Jcnucry.. — 31.3 12-2
i2.l jl.4.6
.Vpnl-4 uuL50 4 .75 50.I-.5
July-actj:: 2S.9 ,25.4 .75
uei-lic-i.' 39.75 .B 29.5 .£5
Jan.-Msi. — 29.25.5
Apni-Joii 1 — 23S .5?
J aly-ae,« . — 15.15 .5
*-•«.. -J«v.| 29.25 .*9.;-. 43
Jon. .Mot. — _S.D3-.a
* '• o mttd
llalayiaan dun crepe not. 41.5 < svll
Sri Lanlu thlcE crepe Nos. 25.55 k^U.r.-.
GRAINS
THE BULTIC— Imported gra.ns
r liu rail? displayed a st.adur price tr.M
hut banns mierev w.i« mifianaL
Wheat: No prices meted.
Marie: N’o. 3 Yellow ARienvaa Ocs.
£22.75, Nov. S4 £fl. Dev £5;.(*ti East COjSL
OLher cradcs oamotvl.
MARK LANE - Very iw-.t rcadraprj
persist iil ihrougfaoui the L*..~dori n:sr l; -‘7
with btiycra and tcii.-rs rti'-:ricd. a vrras*.*
sullers unotaaon.': :■ r !ork :u- ici.-rred
Lon-lnr: arc-: Wheal- Y:Lm.' ths-cer-i
OcL/Dec. io!. jO. Barley-yc-d U?‘. Pv-
Li2. Ocss-t-ncunud.
LOUDON craim futures market
t G AFTA WhcaL Ready. (I'utr: Nov
3S SO. Ja«. U0-5O, -Jl.rlj. Mar ••2.53.
Busmesst Nov. 59 lu-iS.iW. :ns t,9 T''*-*>4 d.
.’.larch 6L£:i May 62.2 N«SpS. Barley,
stead*. Close: Nov. cl.fv. Js:.. i;
March JBr'3. May "ft) Suf re*a: Nov
52.13-52.05. Jar.. 5425KH.10. Mari; 56.111-
56.05, May 57A*0-57.i'S.
710
L850
_ __ t _ 545 _
*:flecliv-: for October 2. lo uniie of English Produce: Potatoes— Per 56 lbs * Nn mln.-I v Seller. 5 UnoUjcial dose,
accouci per leu kilos 'wllh previous In U5.vfl.63. Cucumbers— Trays lO-lS's l.lu- A Indicative once. 6 U.K. and '2ommon-
brncRv's wh-.rr chanpcdi. while sngar. i.-q. Lcuucc — P,- r 12. round D.iti. Man- wealth refined, c Uganda Robusca si a Board
Ovnaiisn-d and non-d«A4tnred— 7.9i. Raw rh'i-sicr Cos 12's fl.60. Cahhanes— Pruno. grade Indicative prices i.o.b. Mrmb^sa
¥U.-ar ft.13 '6.01 :. ni ls O.tO. Caul lITowors— Per 12. 1.20-1.40. U.S. etuis a muocL d BAngladesb wbile
U'flftt 1 1 lTCTD rc Mushrooms— Pi-r peund 0. 30. BcutroM— C.” J Unquaied. rr Ex warehouse-
TtUUL r LJ i Un£9 P* r 2« lbs f'.3fl-nj3. Marrows— Per 16, *C.l.f. U.K. u Metric ions, n SepL-U-e.
LONDON Th - nrt"i was ametlv li- 60 -®- 70 - Carrots— Per 29 lbs 0.3041.40. * Aofi. y Jud e-July. rAug.-SePL t July-
LONDON-Th-? marlcei was quietly celery-Pcr box 30/23 1.00-1.30 Applos— Aug. p SepL o Ocl-Not. « Jan . s SepL-
P»-r pound Derby's 0.04, B ram ley's 0.03- Oct.
0 00. Worcester Peamiam 0.03-D.OG. Cox's
firance Pippins 0.04-0.06, Rusv.-ts o.BS-o.ufi.
Poars— Per pound ConfL-rtuce 0.04-0 ufi.
Plums — Per pound Marjorie's -Seedlmes
0.10. Tomatoes— Per 12 lbs L50. Swedes—
Prr 2K lbs fj.SO. Onions— Per ."■O-lb nets
1 no. Picklvrs 36 lbs 1 -fid- 1.40. Couracems —
f'-r IU lbs I 30. Com Cotas— Per 14. 0.3D-
D.liJ. Parsnips — Per 2S lbs 0 T04l.Su.
*
COTTON— Liverpool. Spot and sbJr-
retzn sales amounu-d io 1 JS memo tons
reports K. W. TaiiersalL Dealings were
bttai and not more thpn scattered
operations were recorded. Middle
was
im.-Bilar.
■ P-.-nce per Mb)
K-npilapN Sl'Ur , —
miMnni
Dons
'Jeoher 27"' 3-90 0 —
lAoeoibe- 25' " 50 0 +2.5 —
ifnrcn. 250 0 33 2 -2.5. —
e. S 5 e - -i.o —
July. .... 2 15 J 3 j 0 , ' —
'Jrtrt«:r i.b sO.e . ... —
' ‘ec-.-Bit-sr _ ..E Ifl —
Mured .... 5 40
'SjfcwT’s Vs - * nd ■ "]"ois" ui 2^5u kilos oacb.
SYDNEY — Market closed far holiday.
BRADFORD EliJSinifiS In ICTIS rCIKUPS “i" i auwia iwnrauj, MltJOJr
c”i?iy°q^^ IM ” 5 ..™ l^?RtAu 0 o" r,can alt ™
JiPd from Australia to-day In view of ^
a nat.unul holiday. Local tnfiuencvs are *
.still dull and world wool pnro trends coPRA/Phittpptnos/liKfoiieslan 'per ton)
Hate b.-eh dou'CHird. —Out. /Dev. J2u5 reseliurs.
1I1TF *
^ GRIMSBY FISH— Supply good and
DUNDEE— Market closed. demand lair. Prices per won* al sbip’s
LONDON— Oulct. Uunoladesb White sid». ueproeessed. ShtlT cod £2.20-CA5u.
■■ *5" Arad*: 'Jrt.-Ktrv. £149 ssiifir. Bansla- CDdlinA 1 . Il.50-U.90. SftvL' haddock
ivih V.'n.:. D " wade UcL-fipv. 11M i2.HM2.4n. Small haddutv cum.t2.2u.
svlii*-. -*•--— ■ • - -
INDICES
FINANCIAL TIMES
Oct- 1 | »ei i IS Mwn iu hu-j"; \..«r
183.57 : 167.93 1C4.S6 96.14
• Ease, July 1. ISKl^lDut
t*«-L
REUTER'S
1 'Kejrt. 2? Monr.ti
«ia*
Vri- -i
1194.1 1 196/S
1186.5
557.5
i Base. Sept. l*. 1021 = 100 .
DOW JONES
Dow |
Joiim 1
'bl.
1
U/uiin r y".
vl!. r. a June :na. , Large plaicv c.'jft.d.Tfl Sira!: plaict! >pot~.«'SB2.96 320.7b sips; im q -.
, CALCUTTA Steady. In--tan CjcL-.foy. U.SO.nco. Skir.nc-d dncAch £5 . 4 :. SeoUlsh Futur*» ;a03.S7 311.29 305 .ie>
la..:i» value. Du*:d-u Daiue-.- Od.-Nov. 50P-I1.O0. tJii'.sh 11.2, ». - • " -
1 3/0 vatu:. A hale* of 4bt> lbs.
MEAT/ VEGETABLES ‘ JN00N TEA . SAtE - Ja ' , «
_ _ ' _ There was good d. niaaC r.nii ItriiJit
tAvi-ranj 1224-25-2'. r
MOODY’S
'liw-ly'e
tk,ne.:a.- cui?— strip loins _K0.O to SZO. lower. Africans were- wtli-aur.fnriL-d /t — 1 .1 ‘
rumps 8D.0-42.6 tep iide< 45fl-4fi0. silver- around las: ra;<-*s apart from dues irnien spiv Cammi'v 635.2 643. B 661.1 44
siBca 43 ft -44 U. ducks 42.d-42.tf. »trc oftt-n easier parUcuUtrlr the more
wanl: Enjj-jh law 43.IMH.0. iata (hisb pav.dvry sons. (Dee. 31, IB 31 =I 30 >
1.1
U.S. Markets
SEW YORK. OtL 1
COCOA was depressed by varn'-ovvr
speculative llqu.Uauon cuusiDa another
haul decline on n-.-ararv Copp-.-r was
easier an a *rnalUr reduction than ex-
pected in LME siocks. Silivr tumbliJ
on lower fuid and a sharp increase in
steaks. The Chicjso sra:n market
opened strong on rumours ul j Chinese
wheal deal, hui lan-r broke j a this
rumour was denied. Cache reports.
Cocoa — China sum ^ 4 ; irf;i. Bahia
spot unuueu-J isamei. Dec bj.V) * 67.50/.
March -V-.'li ■ 36.95/. May 5a' 7u. Juty 54 40.
S-:dl 52.10. Die. 50.4O. jjIos. 3.512.
Coffee— Samos N'o. 2 J unquoted isam*.*.
Samos No. 4 unquoted name'. Colombian
Mams T7-5 nom. <72.5n nrnn.i "C"
Contraci: Nov. 67.00-47.05 «*jo.S5*. Dec.
6* 110 * 07 .30457.55). March 0?.55. ilay 69.35.
July 69.93-70.00. Sept 70.50 uam. SaIl-S.
221 lots.
Copper — del. 65.30 *S6.50'. Dec. 79.65
ifosoi. Jan. TT.sn, March 75.o0. Sales.
l.OOa lots.
Couon— No. 2 Contract: Oct. Sfl.W-iO.S3
iS9.9U-ni.45'. Dec. il.SO asked tsJSOi.
March 79.1C. May 77.40. July 71. 40 asked.
Oct. 62.10-fl2.25. Dec. 57.:*). March 34.. a-
55.011. Safes. 1^50. '
'l'Greasewoot— Spca 230.0 nom. 'same*.
Ucl 227.0 * 222.5 bid 1 . Dec. 222.0-220.0
221.5 bid*. March 217 0-ftl4.3, May 21227-
220.0. July 2IO4-219.0. Oct. 207.0 hid. Dec.
202.0 bid. Marcdi 196.0 bid.
tLarri— Chicago loos? 27.H0 ask 1-4 * 25. uo
norn.i. NY drummid .73.90 nom. isame*.
ttMalze — Dec. 24^-247 *252.'-232i. March
2521-252 * 256-25 ■/■ 1 . May 256-255. July 257-
257:. SepL 247 asked. D«- 2*1-216:. March
221 i nom.
:Platinum — O cl 1&0.30 '167.30', Jan.
ir.'JO 1 173.50*. April 177.50, July 441.20.
Oct lk3.0n asked. Jan. 137. 20-1 ii. W
Sales. 223 lots.
: Silver — Spot 275.00 ' 277-50'. Ocs. 573 00
279.00*. Nov. 274.60 (250.U0-, Dec. 276 20.
Jan. 277.60. Tlardl 251£u. J£ay ■.■iil.dO.
July 25i.lt 1 . SepL 2;.5.50, Dec. 2II2.4U. Jan.
Mfi.79 Sales. 2.013 lot?.
Soyabeans— Not. 672-4.7'/ n^H-tyw . Jan.
f."4-*i77 -44?-fi46'. March 429-^49, Ma;. 644-
643k Ju'y 546. AUS.. 047. Se'pt. 629 uoai..
Nor. 623. Jan. h_*:.
/■Soyabean Meal— <'cr. 7-1. ftp •;91.9t".
Dec. 7; :. 00-1:9.0" • 7 l-t.Slf-lt'l 00 * . Jul*.
17j.00-17v.50. Marti: *79.0*' May lSj.tn'.
fur :.-i 0v-: : a vi ahs l-o.'ji-IiS.oh.
Soyabean Oil— 2 ; 43-2. , .40 *27 £*»-.•: ;.a.,
De<- 1 >. 5'*-I*"'.4 .- ■ 20 4ft. 2 * 1 .4 5 . . J j n ’ j.Su,
M area iv.-?7-;.v70. May !; .'.ft. Jiy
l:.;j Ad?, utncuted.
Sugar— Ccntrjcl ?.‘o II. Spot yju *9.59..
Moreit 1.73-/ .i I ''.iO-i.i.:-. jjay 5.32-5.54
•jm-v 30>. .)«:;• f.'Li. #«■- ? :9-*—'i/ Oet.
5 69 asked. March 7.92 :,oi:l S j ' :. 2.7'.*i
Tin— 241.59 avk.-d 1 240.27 ask- d*.
* Wheat— D.-v 471. j>.|:;d *4&!-l?2'.
Mar'll 40.1: oskea May 447
ask vl Juiv 75? aski-d. i'.P’. ij 1 -.
WiNNIPSC rtci. ; HRyc— ui.'. r.5
45 'eU 1 2.* *•- Dec. 2*4 . rsk.-l >2.'?... May
>. asktJ Jii'y 2:1 . .'-I'.-d.
flats— v.:. D .. ;4-,: t.;.j
riorir
C'Barlcy — 22 * •'«:r.. ;. i> 1
!■:>• -2_. 1.. J-
jFiavsccU — *2:. a-'-- : : .c .
a!'ej. ::v '-.1 J'.' •: Ju. -45 . '!*--2
Wheat- Kr p:r . ..-vl.-.u
Ai! c p.r --.-ur.d r:.-v-ir.!iij.. n;.'
eCi, r.-i.- 2 Cer.ts p : ••• 1 - 1 :- fu'.li-.l
--•'1 Jr, 'J:-. . C.'I'm H”. >■- \ . ,,,-r
•-•* :u •* — I' ri n: ;.r e..<ur.
2a:-. D:;vi.:i/.d .> ; r It inr. , .-ii '.y
5 r I'.- ...*.t,- • •». a* ./'Lv
-. • e. i:fj : . 1 • % _ - u n
s-j.i: !>••■. ol w.-.r ror.v :!•..• -r. j
f " n. VJ.'S D-.-'T -r *1 p- r
j." (. f • :, v r
. '.*.■■•.• ,ir - 1 mi.r ,
-4-7.. :
• i- T I v.u'.i
• ‘-l.i- r'..- 1.1‘ehl 1
V ’ :u '-'J. 1 '* ■
. ■■ tiuiI- p -
e^aLdK-r raii H Srt
34
"the Financial Times Tuesday October £ 1975
Perga
Pfergaplas
Pergall
Chumpak...
These names cover the
best milk packaging
systems since the cow!
They describe the preformed
cartons in board and plastic
that are replacing the bottles
for shop and casual sales;
the bag-in-box for the
MMBfe Mflkpak dispensers
and the bag-in-crate that's
making the chum redundant
The dairy industry already
knows these names well
But there are new ones on
the way. For the next
generation of milk packaging
systems that will take
single-service containers
on to the nation’s doorstep.
Meanwhile there's really
only one name to remember
Bowater
Bowater Industrial Packaging Limited, Perga Division,
Gateshead, Co. Durham.
Serious problems to be
By JOHN CHERRINGTON, Agriculture Correspondent
Milk production is the most Over the same period milk
important, single product of yields per cow have risen from
British farms, making up to 21 less than 600 gallons annually,
per cent of gross output, and it to just over 1.000. This has been
is also the basis of about two* due mainly to the adoption of
thirds of beef and veal produc- the Friesian breed, now some 70
tion, through the sale of cull per cent, of the national herd,
cows and calves for rearing. In and to the availability • to all
spite of a fall of a third in the farmers of semen from the best
number of milk producers, from dairy bulls through artificial in-
143,000 in 1962 to 90,000 last semination,
year output, cattle numbers, and
.wjaro
individual yields per cow have
all steadily risen, and look like
doing so still further.
The reduction in the number
Liquid market
However, technical progress
would have been much slower
.... . . , . , coming had it not been for the
of herds has been spread fairly st . curlty of marke t afforded by
evenly over the country — with
the greatest falls occurring in
the Milk Marketing Board,
. _ , , , founded exactly 40 years ago,
the East Anglian arable regions which . haj . effectively removed
where the attraction of crop- any marketing responsibility
ping has persuaded farmers to froni individual farmers. Prices
abandon milking which, in spite haVe aot always been 35 high
as farmers would have liked
of modem machines and hous-
ing systems, means attending to
but they have not fluctuated
the cows 14 times a week. No unduly, since the war they have
machine has yet been found to been controlled by the Govern
dp the actual chore of fitting menL which guarantees the
the machines to the udder with- re t urn f or a sufficient quantity
out the intervention of human tr > j^y ^ hquid market
eye and hand.
This market has also been pro*
However, there is no danger leeted j mports .
of production falling for a lack . . , ,
of farmers prepared to keep -^though the price guaran-
their dairies going or finding * eed ^ nr “ie liquid market can
men to milk them, or as manv regarded as fair, it is pooled
do. milking themselves. In the with , thal /or manufacturing
climatic conditions of much of market to which the surplus is
the south and west of the U.K. s ? nI and P° o1 P nce ,s some -
no other branch of farming can [* mes criticised by farmers as
turn grass i/ilo comparable f hem - . t0 ° J w - , The llsUal
profit. The improvement in pas- farmer s reaction lo low prices is
lure management by dairy l0 . ra,se production to reduce
fanners since the war has been un,t wsts - and oE course th «
impressive. In the immediate , J .
priced manufacturing market
A technician carrying out a quality test on a milk sample. Both hygienic and compositional quality
are regularly tested.
KRAFT
congratulate the
Milk
Marketing Board
on their
40th Anniversary
*
Dliring the past 40 years
they have supplied more than
432,000,000 gallons of milk
to make our well-known brands of
cheese-such favourite products as
Dairylea, De Luxe Slices, Philadelphia,
Cracker Barrel and Golden Chum.
Today we toast the next 40 years
with our daily pintas!
Kraft Foods Ltd. Regina House. Old Manic bone Road, London Mil 5RB.
u u w . .. . v 7 obvious, as produenon is rising and the trade, because the very . nrod „efion i n the of
which his extra milk returned. m most member countries, and bulk of the liquid milk makes Ewooe j following the British
2KSL? SST2JL2S £ m*** ™*» «» ** it e«™meiy difficult to tmaport £ £SjK!i?2S3E
producers. Tins suggestion has oul nf hand
economically even from our out a expansion W* *gLP!l
always been resisted up until The consumption of liquid fellow members of the Com- n PnTa orwTn t* 1 ^ beM1 achieved by a sustained
now. but Common Market entry in UK js< n about munity. Once processed, how- ^ ^ Germanv - where the aod “Peosive publicity cam-
may bring a change. 29 gallons per head annually, ever, it loses up to 90 per cent, development of industry looked pai ^ made Possible by the
It had been hoped that the the highest in Europe except of its weight, and to have reduced the prospects of nionopoly of the Board over all
eventual change to the EEC for Sweden, and almost double costs would not present an in- njjit orod uctiOTk the reverse has Such conditions of
system would have solved this that in France and Germany, superable problem. Competition . .. _ , marianal control do. not yet
problem. There the guarantee The fact that it is so high is could then come frtm Europe. ■__ re _ se - occurring operate in' other member
is fixed on butter and skim entirely due to the way in which particularly Ireland- and-France. . “ countries to the .same extent,
milk powder. This would, by the Milk Board and the dairy and also from further overseas The Commission is proposing and unless they can be» brought
the end of the transitional industry have rationalised and if by any chance the Community incentives to persuade fanners into, being, the - niQk industry
period, have raised the returns supported the -daily delivery to became outward looking.. to turn over to other forms of overall seems to be set for
of manufacturing milk to that nearly every home in the land. It is also probablethat by the production especially beef /but. serious problems in the not too
of the liquid market and, so In spile of this, consumption of end of the transitional period, it’s unfortunately true that beef distant future. ■ '
Prospects for the farmer
By ALEC PARIS
other
it
In U.K. agriculture, where the compared with cereals or beef as the present, when costs rise improved to 623 gallons. Since other alternative fonns of farm-
ratio of experts to journeymen production.” sharply. » then there has been a more or ing such as beef, sheep and
is probably wider than in any When the study was first Of course what is a small herd less steady annual gain to the arable cropping are denied him
industry except football, made, in March, 1972, it was at any one time, depends on the present (1971/2) figure of 875 because these require the
has been popular 10 refer reckoned that had we been in current average herd size. It gallons for England and Wales; economies of scaie. '
to small-scale producers as the EEC in 1971 increased is true to say that the average 870 for the U.K. as a whole. . • ^ ... , '
though they were inefficient returns from milk sales would herd is always regarded as small, since 1950 the total numtai- z-C?® . f * ctor ■*£? “J? 3 ?*
and unimaginative unfortunates, have brought in an extra £36.7 because the average takes in of registered milk orodtSSsIil i 11 * 0 accoun t » the likely
stubbornly and mistakenly per cow. Higher calf prices many herds of small numbers the ULK has drooD^from J f ° r ,“£5® »* a
occupying land that cnuld have would have yielded an extra which are kept on big farms pelc£ 1^0^90$^* ^
for personal reasons and on vprv 1 ivto «r .1 ■. « iwms B^w,utuuns
Tliis line of abuse fetched £6.2 more. Against these small
b
the optimists believe, have liquid milk is showing a margin- when the UK. price of butler production is probably the most
solved the surplus problem, ally declining trend. has been raised to the EEC level uneconomic activity under Euro-
. .. However, butter and skim It is possible, even probable, of about 50p or more per pound; ^ fanning conditions, par-
In the immediate . 1 marJ . eL milk are in surplus in the that labour shortages and rising consumption would fill drama- ticuIlirlv fo -- the mailer
pre-war period a good stocking P“J ed T ITifi Community. So as a means of costs will eventually cause a tically. This would aggravate * or the snialler
rate was 3/4 acres to the cow. and **** p0 ° l pru - t reducing this, and its cost, reduction in daily deliveries and the surplus problem, and bring fanners. . They are_ much mure
To-day the norm Ls well under * MU furmer - Pierre Lardinois. Commissioner the problem will then be to with it political demands for ^kely to meet the disincentives
2, and many farms are using This situation has led in the f or Agriculture, has suggested maintain the volume of sales some :way' of . regulating >* or ® lUc r : Y?- - ^ e “ er Pf odut -
no more than an acre to provide past to suggestions that produc- » bat there should he some sort” id dairies, shops or super- production. tiOH.' is have' - their British
both summer and winter feed, tion should he paid for on a of quota system so that farmers markets, either as liquid, con- . . .. counterparts.
farm quota basis, as it is in either individually or nationally densed. powdered, or as con- . . . . - A simple remedy' would be to
many parts of the world. This earry the burden of their own venience food such as yoghourt. JVlarglOai 1DCTC3SC - ' tiy to persuade the citizens of
would mean that the expanding over-production. The need for This is a particularly serious * This is going to be' V eK Eurepe f° drink roOTe milk. A
producer would have to content some such arrangement is question for th e British farmer diffipTilt * There *£s t»vidpms> rtnw percentage rise in eon-
himsclf with the lower price obvious, as production is rising and the trade, because the very t nrndnPf i ftn ; n rt«» of sumption would solve all prob-
med -r .t.. ~«u 11131 proaucDon in. me rest 01 Jems ^ lhe success of ^
British dairy- industry in main-
been better used by expansionist £3.3. and cull cows would have for personal reasons and on very 1070 rif
neighbours. This line of abuse fetched £6.2 more. Asainst these email forme 9C °^ r 46 growing costs, or both. But this
farms as part-time cent, keep 20 cows or
has been applied particularly. to gains, there would have been enterorisas. ' r ^ otf *** raos t .C2uses,'a severe
dairy farmers, because dairy losses of £12.4 in higher concen- Popillar interest is generated SSitaSESS
farming. with its
regular trate prices. £3 resulting from bv the bielicrds ' and^to'^mp 3 ^reveraents itt techniques aud
as innr- inis nf fprtiiicpr cuhvidv mrt . * thorn producers with- k in the equipment available may
category now. there simultaneous increase in 'aveE- be expected to help.in fitting in
Yet the' drop^ a 10 per cent increase in herd
placement costs. The net effect /h e ir tc averaee herd nnmhewl herd size. ...... . ...
uould fhorofrtPM ha VP hoon a n« — I n . u ™ l>ered outs by no means adways- numbers on a small or medium
monthly milk cheque, has long loss of fertiliser subsidy and j^to this
been popular among those with £S.l because of higher cow re- must be 300 ^ws or more
To an extern the criticism had
.. basis of fact, but as agricul- ....... . .
ture derives its income more ' s h >' n0 mea 0s msignifi- published. The first U.K figure
and more from prices, and less ' wh * n a ' e ^ a ° e ” et margins was j n showing that then
from subsidies and grants, it .. oa _ * lave been in the average number per herd
aam of £22 ner cow oer vear ? a,y ^ ^ I 971, lasl / esr been 11,6 small herd owners.-.*.
„ain or a— per cow per 5 ear, f or wb ich figures have, been
number of dairy herds and the
average herd size in the U.K.
has changed a great deal — and
as one result, by small scale we
nowadays mean something quite
different from the 20-cow herd
implied ten or more years ago.
Despite all the changes chat
have taken place, there is still ,
wide range of herd sizes pro
average of S70 gallons in a year.
Small farm
Since the comparison
made, much has changed.
was
Calf,
farm.
n.. nUn - 17 - r ' = • The same expansion is not
Jteasonaoie Uvtng quite so -e*sy for the larger
Even oa a small farm," expa«-' fanneT . working With hired
in can be planned on logical IMjqut and already using the
increased by slightly more than lines, the system usually being -'West type uf housing and milk-
one per year. The rate of to maximise output from "the parlour. , - JLn- this case,
increase has been accelerating acreage available by carrying »■» expansion can be restricted by
slightly, and this trend is many cows as possible.- Otoe burnbers that the men will
expected to continue, according cow per acre. is.. now a commaii-^?^ with, by : the design of tlie
to an MMB projection, which target. 1A cows per acre is not parIour__and yards, and
become* harder lo sustain the was 20 ‘ The ouclber has sinee can be pWed labour
line or argument in rhe face of ne — - - *■-- -• - - -
the obvious success of many
ma II -scale farmers. In fact the
cull row. gram and protein that the average herd impossible in many situations/ b 5 , -J iJe practicatiaity of driving {
prices have rocketed all of in 1980 wUJ QlItnber 50 cows. So bearing in mind that good- cattie to and ! rqm the parlour '
1 — — ■*- - — *»'-= — — • nm.. over thp. PTrtnnn rior in ?
which makes detailed forecast
ing difficult but none of it
could in the short
keepers now expect- over .the. same, ground, day in ? !ji
ra-net profit of £60 or ttiore out, for a large part [TflU
cow,. -it can be- seen $iat -a. of 7? ar -... f ' 1 1] f
Total - numbers of dairy cows cow
in the U.K. have not changed make
t " eriI Z a great deai since data were first per cow
n n J justify quitting milk**produetion. coUected — in Scotland. There, big acreage is not essCntiaJ tfi The bny Practical wav tn )
, , 0 f pro ' Economies with purchased feeds the number in 1939 was 335,000; make a reasonable living om - of ^xnand Cohere fhn s
vidmg apparently satisfactory stricler C ulHng are ?he it is 314,000. The firei cows. . ... ^ "‘ I-: / SwiTni™. ?
economic performances. likely course. figure for England and Wales For*
Some dairj' farmers may The coming winter looks was 3.5m. in 1954; now it is job, and in good health' it 'is ahother completely' new herd. I v
reasonably have doubts about certain to be difficult for many 2.8m., while over the same not difficult to. look after. 10O .lt- Is 1 at this ohitit that fho ? ”
entry and about future dairy-men. but may well period Northern Ireland's herd cows with only occasional hc-lp/ farmer win be lively to consider j' :
profits once in full membership, demonstrate some of the reasons bas increased only from 213,000 and peihaps contractor - -iot whether it miglit.'not he morei r ' T
For shi» reason, the Milk why milk production is so well lo 225,000 — making the present silage • making and- dupE sensible to : ed 1 t» Fnr hoof * "'* l
Marketing Board calculated the suited to the small farm, and U.K. herd a total of 3.3m. removal. ... . narticalarlv
effect producers if we had why statistics will include a Fields, however, are a very Of course, ihe SmaH dairy wll prbride
been EEC members in 1971. large number of small herds for different story. The average in farmer is in a sense the ors ealvea. or arable- fannJii
The answer was that margin., many years to come. One of 1938/9 was only 560 gallons, soner of hi s .own envirunment. rethS than snend vast stuS
from milk production would nse lhe mam advantages of the Cow performance r> — .... L :_ *. sums
considerably, aad that " profit- small farmer is his flexibility, deteriorated
ability would not decline as and this is needed at times such the war, but
35
Whatmakes aBoard's40thr
' »
; ^%rthday so special?
'mm*,
v;-:
# After all, therearesomany
SSSoardsforthis and tha t Butfhe
>=■ \,-
fc-sy. :
MS,
^^EllcMark^iiigBc^is different
p : ]gj|p different, thatintheworld of
bppSfeique.
• We havebeen studied, envied,
id even copied, bymany other
drying countries.
Forastart,wearenotagovem-
lent organisation as somany
ippose.Weare controlled and
rancedbythemilk-produdng
rmers of England and Wales, and
andle an annual turnover of
520 million.
What exactly do we do?
Ourmaintaskistosell, on
dialf of thefamiers, sixmillion
lions of millceveryday to
ganiseits delivery to thebuying
dries and creameries, and to share
itthepooledreceiptsfromthe
talmarketamongoiir68,000
oducers. Both farmer and
consumerbenefitfromthe
economies that derive from a
national, rationalisedprimary
distribution system
This year, we are celebrating
fortyyears of achievementin the
serviceof thedairyfarmer, the
milkindustry and the consumer,
and also ournrst birthday inside
the CommonMarlcet
OurmottoisTogetherin
Enterprise! Here are some of the
otherthingswhichwehave
achieved in our fortyyears of
co-operation, organisational
discipline.
Together withthebuying
companies, we operate control
schemes to maintain andimprove
the quality of milk
%gemei;withtheAssodated
AI Centres, weprovideanationwide
Artifidal Insemination service.
Our stud of l,200bulls-the worlds
laagest-inseminates some two
million cows ay ear.
Together, withtheUniversiti.es
and other organisations, we engage
in or support researchinto every
aspect or dairyingfrom cattle
breedingtonewproductand
process development
Together through the Board,
milkproducers haveacquireda
substantial group of daines and
creameries distributing milk and
manufacturing dairy foods under
the 'Dairy Cresf brand name.
Together; producers similarly
control a commercially based
transportfleethandlingone-third
of the daily output of thefarms.
Together; weprovide a range of
farm costing, recording and
advisory services to assist efficient
farmmanagement.
Together with the rest of the
dairyindustry we finance sales
andpromotion campaigns for
milk and dairyproducts.
Inthewidercontextforthe
EEC, we shall workas hard as ever
to servetheindustry of which we
havebecome anintegralpart.
1933-1973
Together in Enterprise.
Milk Marketing B oard, Thames Ditton, Surrey
\
the dairy industry hi
Monopoly position gives
ii»t; to LnutJhiii
reducing manufacturing costs fifSro fid S?5Sd end prices. It has had a benj
RvCTawt CVDavco “d ol improving keeping and t^eavTtte execution to ficial influence on hygiene and
By STANLEY BAKER other qualifies of tnilk and rSySy qoal.ty.
milk products. gerial and technical staff to We are left with the most
The biggest single endtv in threatening extinction to pro- market other than that provided It manufactures dairy pro- belonging to buyers or inde- Ail these operations are in whom it delegates the power of emotive criticism of alL Does
the complex of milk and dairy ducers in more remote areas. It by the Board. ducts in its own creameries pendent hauliers under contract pursuit of the Board's prime quick decision within the broad its monopolistic control P
produce marketing is the Milk was the major task of the newly One power which the Board which absorb more than 25 to the Board. duty to find the most profitable framework of' policy. It has it- m a position of unfair
Marketing Board, the organisa- created Board to pool prices so has never been allowed to per cent, of the total gallonage Although the destination of market for an the milk pro- thus preserved the bones of advantage? The monopoly ma>
Hon in England and Wales as more nearly to equate the exercise is the power to fix processed. It is solely respa n- the vast bulk of ex-farm - milk dnced. To these must be addgd democracy while avoiding its now be shaken by accessto roe
which buys milk from the returns to producers ail over prices for liquid milk. During sible for moving 6ra. to 7m. is pre-ordained, in the final the service it renders producers more frustrating - procrastina- UJC market of EEC proaucis.
producer and sells it to the dairy the country. The principle the war it acted as agent of the gallons of milk daily off the analysis the Board has the on the farm through its milk tfon& The dairy, farmer has including liquid milk. The
trade. It is responsible to 69,000 of price pooling is still Ministry of Food, which bought farms. About a third of this is power and the machinery to recording; artificial insemina- been able to get on with 'the. question - may then be asKeo
dairy farmers to find the best fundamental. The early Board all foodstuffs. After the war. moved in. bulk tankers or churn divert milk en route should this tion and farm business advice job of dairy farming and leave, whether the Board is sufficient!
market for nearly 2.500m. gal- had no power to fix prices, but when marketing powers were carriers of the Board's trans- be necessary to fulfil the services. Whatever criticism the rest to experts in their' entrenched to withstand tms
ions of milk produced each year it exerted some influence by its handed back to the Board, the port fleet; the rest in vehicles priority needs of the liquid may be . made of the Board, ’ fields. •„ assault on its dearest citadel,
in England and Wales. Its ability to discipline farmers who Government retained control
annual turnover approaches tried t0 undercut the price, and over liquid milk prices at all
£500m. by protecting producers from stages of distribution. So there
The Board was bom 40 years excessivo deductions to cover is no bargaining between the
ago in chaotic conditions. British and transit ri sks. Board and the trade on liquid
agriculture appeared in the A scheme under the Agricui- 111 ilk prices since the Govern- — - ^ ■ j Y • Tl A
throes of terminal sickness tural Marketing Acts may prescribes .the Boards M ^ * 4 - Vw
engendered by a fanatical devo- though not necessarily give a selling price as well as the re- M fTf Tllfr* T51| 1|| XjCB TjlTmi *’ 111 M ll ^ |i\3 IJ
tion to free trade principles in a Board powers to buy. sell, “or tail pnce. There is, however. JL JL Vflll tliV
world of ill-distributed sur- otherwise regulate" prices, to ve fY keen bargaining oyer
pluses. The life-line thrown to trade in the product, to advertise prices for manufacturing milk
farmers was the first Agricui- or otherwise promote it, and to ^hjch i has to be competitive Rvsr -Tnrrpqnorirfpnt
tural Marketing Act This gave Provide services to registered dairy By ffi-OrreSponOeni
authority to any majority' of producers. It may (though again The Board makes no profit
co-operative minded producers ** ne *d n0t * compel all those but distributes its income from
cu-operauve nunoea proaucers within it to market milk sales, after allowing for -
tu force co-operation upon an Dr ' 0 duce onlv throush the marketing expenses and ex- Each day of the year in milk supply, the Board contracts
unwilling minority provided . p ‘ s e farm collection, among its England and Wales an average the haulage to the purchasing
Parliamentary consent could be 59,000 producers. The price of over 30m. pint bottles of milk dairy or creamery. Finally,
given for any scheme they put pe J. ga ] lon j s compounded of are placed on the doorsteps of about 35 per cent, is carried by
a P- I DC opportunity guaranteed price for a stan- the lfim. or so households in the some 200 independent con-
Nowhere wore things more T he Milk Marketing Board dard quantity fixed by Govern- country. A matter of hours tractors working on behalf of
chaotic than in the dairy sector. owes its success t0 the fact that nftnt and the realisation from before this milk was being col- the Board.
The 140.000 dairy farmers were jf took full advantage of the sales of manufacturing milk, lected from 68,000 wholesale This substantial haulage
completely unorganised as a Act. Other Boards have fallen. There is thus some dilution of milk producing farms, delivered opera tion, employing in total
market force. With relatively largely because they failed fully the guaranteed price, governed to 370 processing and bottling a jj 0ut 3050 vehicles .every day
few T-ianisations of buyers, one to grasp the opportunity. by the quantity sold for manu : dairies, tested for quality, heat- Qf ^ * ear ^ subject to very
was played off against another The milk scheme took in, with facturing and the price treated,' bottled and distributed, ^sid control by the Board,
and particularly exploited the a few minor exceptions, every obtained for it. Producers are This .would be a major exer- Under the scrutiny of area
vulnerability of the producer producer in England and Wales, paid approximately equal prices eise even with a constant flow offices of the Board, constant
E f » co “P eUe,a t0 register with (there are small regional differ- pattern, but in fact the system changes are made to the aBoca- '
popu^t on who was glad to sell the Board and to market their entials) for mOk of comparable gas also to cope with significant tion of farms to individual
mareSv mbSS th^nnnn, 0 2 y ** B ff d - PEW* 1 ?* .?* fluctuations. The production dairies to match the supply with
margin suly above the ruinous Even the producer retailing whether their individual milk pa ttem of milk on the farm the demand and to avoid the
S S ToirS f 5 UIk <h T t to the PttWe BV has been directed to the liquid ^ ows a distinct summer peak flapping of pick-up router.
-below 4d. (old money) a do n on* under licence from or the manufacturing market and winter trough, consumption vehicle numbers and schedules
. the Board. Thus the damy trade . Taking full adrantage of its ^ milic varies week by week of pick-ups are subject to
The large discrepancy between has no source other than the powers under the Art, the ^ e ven within each week, and regular adjustment to maximise
522 tE. *SL2 S5Z*2 2E5 SE the flows of milk have to reflect loadigs and minimise mileages.
%he Financial -teMs.Tties&y October 2 1973
market Thus the Board has there cau bc little doubt that There are coapniCti^ fMr
power to regulate the quanti- thehigh repute of. British dairy who., would
ties going into the various farming in' world-wide terms Board has beneflteu proa
outlets. owes much to its work and Has it harmed consum
It is involved in advertising influence on the breeding and . Thejg is no real evidence that
and propaganda to .increase production side. • it ^ n have been, in*
sales of milk: and zaflk products . ' ; r^nzmentel in 41 talking up ** the
with an annual budget, under -.. Board membership - Review price of ml IV but it is
rewards producers accords to ^dortSted economies in milk
compositional . an* hygienic tranawrt and has energeticalLr
By STANLEY BAKER
From the farm to the doorstep
By a Correspondent
.r acS .- KnhMM .
prices was the chief bugbear milk and the producer has no buying and selling milk.
I Congratulations
I to tlie
I MILK MARKETING BOARD
I on its 40tli Anniversary
lli • «■
I from
I CORNWELL PRODUCTS LTD
I NIRO ATOMIZER
B W I ^ Ct AIN Kariswhe GmbH
m. CORNWELL PRODUCTS Ltd. 57-61 Mortimer Sr.. London W1 N 8QN. 0T-580 5025-7
_the movements of population and every effort is made to The milk bottliUff room of a modern UJC. dair y showing; filling pia rhin as.
around the countryside, par- maintain a fully rationalised, enA~ y;.!.*,**.
ticuiariy at holiday periods, minimum-cost system consistent hottle washers and automatic crate fillers and stackers.
Account also has to be taken with the needs of farmers and
of the needs of dairy product dairies and the every day col- mits higher pay-loads than when also highly dependent npon pro- an addition to the basic
manufacturers who operate lection arrangements. the traditional milk churn is duction methods and conditions producer price for milk, while
creameries throughout the Costs have inevitably risen used and, equally important the upon the farm. In this area the deductions are imposed on the
country and whose processing^of substantially over the past is ke Pt at a tem- Board and the dairy companies less satisfactory supplies,
milk varies from 36m. pints a d eca d e hut a substantial con- peratnre right through to work dosely together. First, any, . So it is that, with its national
day in the May peak down to tainment of the inflationary delivery at the dairy, with a milk not ' reaching agreed responsibilities, the Board is in
18m. pints a day in the Novem- has been possible. While consequent improvement in marketable standards is rejected a position to work in close
ber trough. t h e annual gallonage of milk Hygienic quality. by the daip? on receipt, co-operation with -the dairy
collected has risen, over the past r , , c Secondly, dairies regularly test companies who form the final
Comolex ooeratioil decade, from "1.997m. to B lirtner benefit all consignments received from link with the consumers.
p p 2,406m. gallons, the number of a further important benefit “ dividual farms ^ nationally Transport of milk is rational-.
Thus the movement from vehicles employed - has fallen, of the tanker collection of milk approved and unifbrixi methods, ised to minimise costs,' new
farm to doorstep of this major The average daily quantity of is that, cooled on the farm, the results of these tests are techniques are introduced on a
element in our daily diet i? a collected per vehicle has mjifc can be moved over con- transmitted to the Board who joint Industry-wide basis, good
highly complex operation car- risen substantially to over 2,000 siderably greater distances than ^ose price penalties on those hygiene is observed at all
ned out in partnership between ga u ons aQt | the gallons carried a vehicle load of milk in Anns individual milk producers whose stages, the production of high
the Milk Marketing Board and per ^ vehicle has without intermediate supplies prove to be in any way Quality milk is rewarded, and
Svnote^f th^^o Deration uJcrea5ed b - v more . 6 *** and cobling in a dairy. Thus at sn5 P ect - - - : ‘ the converse -penalised.
cnLri miaiitv ,Li ceT,t ' the present time large' quantities Similarly, the Board and the" fTm'fnMri
p q . One of the main methods of milk for the bottling dairies .dairies are concerned to ensure ..... LiflulMin pRCC
With its responsibility for pursued by the Board to in London and the other large that the compositional quality Another important facet of
accepting all milk offered to it improve the efficiency of the cities are being moved direct of the nation’s milk, supply is this national system is that all
by milk producers, the MMB is transport operation has been the from farms over distances as safeguarded. On behalf of the dairies, in buying milk from
the prime mover in getting the wide-scale introduction over great as 150 miles. This, ' and Board the dairies carry out- the Milk Marketing Board,
milk ' r om its place of produc- recent years of bulk-tanker col- other technological improve-, regular analyses of the -butter- -enjoy a uniform price on their'
tion to the points of demand. i ec tion of milk from farms, ments, have led over the past fat content and _the: sptids-nat- .supplies of milk used for the
The Board, in fact, allocates the under this system, which now ten years to the closure of up fat content of e'ach-'individmd same purpose. To the consumer
supply of milk from each farm accounts f 0r about 70 per cent. ■ to 85 country depots whose main mflk producer’s consignments of liquid mQk this means a
to a bottling dairy or a 0 f tlie total milk collected and function was that of assembling of milk. These analyses, carried regular supply of a uniformly
creamery and arranges the col- should be 100 per cent before local milk supplies collected in. out .on a uniformly agreed high quality product, both
lection a od delivery of the milk en( j 0 f decade, churns, and cooling and bulking basis throughout the industry, hygieni rally and composition-'
m one ox three ways. tb e farmer instate a vat this milk for onward despatch are accumulated by the -Board ally, at a standard price.
With Its fleet of 820 operative in the farm dairy in which the to bottling dairies in the cities, who, every six months;, classify Perhaps this is one- of the main
vehicles, the Board itself carries milk is rapidly cooled and WhUe transport methods axe every ntilk producer according reasons why the public demand
out the transport of about 34 stored below 40°F immediately a vital -factor in ensuring a to the average composition for liquid milk is not only at
per cent, of the milk. For a after milking. Tanker collection regular hygienic supply of milk of his milk supply. Those with a high level but is also
further 31 per cent, of the total from these farm vats then per- to the public, milk quality is a higher classification' receive ''continuing to increase.
na liciti! Tinics Tuesday October 2 1973
DAIRY INDUSTRY IV
i
e work of the Dairy
ade Federation
spondent
,;Vy kH,n * P e °P ,e realise the tom- of the haste framework .so Northern Food.*. Moreover. Streamlining the admintsira-
. v U P ,ex : l - V . a " d v °Juine of trade patiently engineered in the the federation has recently t j 0n 0 f a basic agricultural
^ ^ ,W .V 1 invohed ‘ , Sun,e 300 dairymen early 1930s and which brought appointed Mr. John Owens. j ndustrv m1 ,k roots extendin
1 tL ,h ° f h l ie “P? rst,,, S from uear, y 600 estab- stability out of virtual chaos, formerly managing director of , , . * . . ‘
* 1 and thi «* tiiere lishmems receive and deal with These years have also seen the Cape Asbestos Fibres. as back mt0 Pre-histor> can neve
g the Central an annual gallonage of 2.500m. remarkable devotion of busy director-general. The secretarv. be eas . v - Old associations are
cue. Utnmmee. Every day about 4m. gallons or men to the growth of the Mr. Patrick O’Neill, has a '‘alued. traditions run deep, and
1 1 ml ' are PS^tcurised. bottled industrv. the maintenance oF long and distinguished record >’ el ever i‘ technical development
y trade t-ettcra- and dehvered fo J 5m. homes b.v door-step delivery, and the throughout the various meta- must be fully exploited. It has
1 7 ° 1 ■ 1 S milkmen. resultant convenience to the morphoses of the industry’s been claimed that British agri-
and process! ng, ii M ihe function of the DTF customer. trade associations, and brings culture is the most mechanised
: , t I . nc ry - lo Prompt the interests of ail jm extensive experience to a in the world, and its marketing
n. We urr is chose handling liquid milk and new dynamic procedures must never be
.raung ns 40th who manufacture milk products. Added burdens Meanwhile ihe Federation has »^ovnd to lag behind such
’ >. Uin f.ct an ^ver.helaas, the additional om^own"iu StabM? «**« busbandry.
All that is meant by “the
grown in stature and
associations, ns negotiations with the MinistrC- burden3 . * nd particularly those ton and will shortly be moving All that
made up of of A cri cul ru re* * Fishe ties' ‘and inb erent in the EEC. have led to a modern block in Padding- trade *’ has
from its four Food and it is the DTF that tbe Federation to undertake a ton. which will also serve the enhanced Its prestige. It is a
organisations, negotiates on such matters as re-organisation of its structure. National Dairymen's Association trade and an industry with
our from the the heat-rreatment allowance and 3 considerable strengthen- and the CPA. Common services many roices and a wide diver-
» men's Associa- and distributive margins direct ing of its executive staff. The wilt avoid the duplicate circula- sity of interest. It is vital at
m the National w jth the Ministry. president. Sir James Barker, tion of documents and effect a the highest level for these
Creamery Pro- Apart from a stron° com- ch airman and joint chief execu- genuine ' economy, as well as voices to merge and to concen-
]¥sTf :r ATtolesale Dairy- mittee structure, the Federation ^ve L T nigate, is supported by stimulating the administrative trate on issues for the common
_ ..,J, : the. Co-operative sets up numerous working two vice-preBi dents — Mr. Harry efficiency and forward thinking good, for what is at stake is the
-^Association, and parties on specific issues as Nicholson, dairy manager of which is demanded by a major biggest sector of British a gricui-
Amalgamated they arise. A notable example ,be Island Mutual Co- food' industry drawn into inter- lure, which supplies all our
V v- r ' - was that dealing with the intro- operative Society: and Mr. national negotiations of the liquid milk, as well as the health
duction of- decimal currency. Nicholas Horsley, chairman of utmost complexity. of our people.
Now there is similar activity
***>*** Ar e
dOVCflsp
- concerned with metrication,
pibiuutauj serve whilo thp U.K.’s entry into the
luopgii EEC has added the most far- .
!>uuie ovenap. rea cbing responsibilities affect-
ag in ins presem j n g the w h 0 ltj industry. The
> J,asi s>t,Uie °' vu0 Common Agricultural Policy of
uiauint-s, auq lhe EEC and such matters as
standardisation of the
.-r- 11 1 s u,e ^ fU " butter-fat content of liquid milk
iiiiik are matters of acute controversy
lACi'lvu cKnow-n ca ]iing for detailed and in-
rA - Jfl oustry as tne formed study. The Federation
- aBU 1 . n a,ld must certainly be as well
iar S c companies organised as its European
a, ‘ Uranuies 0,: counterparts and this calls for
. so] compares wnrk in Brussels, Paris and
Milk Marketing
Board’s future
By a Correspondent
.anuiacture. By Luxembourg as well as in Jn spite of the fears who would be better off in a assumes that the Board plans
aalu represents London. In facL the Federation expressed by farmers during the free market situation. Indeed, steadily to increase its stake in
uymeu ana pro- is now supporting no fewer than negotiations for Britain’s EEC some producers in the South the manufacturing and process-
.•re>f> oi retail 35 committees ° and wurkin" entiy, the U.K Milk Marketing East recently took action ing sphere. This, however, is to
-ondon and pro- parties in the EEC. " Bnards are still in existence, against the Board on the misunderstand the basis on
>. the UkiJA As well as a Finance and and the Government has given grounds that the pooling system which the Board was set up. It
cooati nicr co- funeral Policy Committee, there repeated assurances that they was detrimental to them. But was formed to bring order lo
:h .-jell iiiiik, and j > a Margins and Costings continue to carry out their many others would be a great the sale of milk, by farmers, to
•cessing, disiriuu- Coni mittee.*' and committees essential marketing functions, deal worse off and the stability the existing dairy companies: it
isviure. erma-rned with industrial rela- Th »s. of course, leaves scope and economies that stem from was no part of its remit to dis-
uic Federation l)onSl> s ,Mentific liaison and sales for debate about which func- the centralised marketing of a Place those companies,
concerned wiih pi-umotmn. the last named hav- turns are essential and which perishable commodity, produced
h 1 lie board the in! r t h,> dttnv co-operation 0 f arc not— although the main daily by larye numbers of scat-
con tract under {Ju . Milk Market! ns Board and points (freedom to allocate tered larms, would be Iosl
del he sold by Hu: Ul ,h.- National Da.ry Council, supplies and to operate a pool Then lhere Js fhc sli .g e stion obvioLly if the Board s owm
.v.,s a ihree-,)ari.\ >lTU .,. „ 1S umcerned with price payment system) were that the Boartl should cease tn creameries are to operate on
.•11 1 the producers, implementing promotional established in the negotiations, he an ■■ obligato r>' co-operative " ,.nmm..r.Li 'LiT.* P thS : mi:
ot Ihe buyers. SL .heuies.
ami the pusl-war
icu Ministry of Wide functions
•clly involved in
Little change
x . th/. "* — — 0 — • i-ommereial footing, they must
u nuhe i a " d ‘ hal ^ fanner !>hould b " ^ allowed the same dynamic of
Boards ^ free to cho.,se whether to mar- . rowlh and modernisation that
alien d b> the new situation, ket his milk through the Board j„ available 10 tlieir competitors.
Tu> tiqind t ’milk The National Daay Council £^Ve ™ tt$£? some ° r nut '. C J' nics ar f e that . tbe . On Uiis basis, precise limits to
roduet manufae- underi akes advertising, public ^ ‘ j development even K em0 u a K ° f - tompuis J i:)n would the Board's share of its own
S ,l“" relations and education on be- Com^on Ma^ ^ ill" °1 lh \ end markfcl «"«« be defined - But
ipiion or direct hair <>f the whole industry and The !! K ' ccr,a,niy d01 •foremen that
iwcen ihe Board is one of the organisations What directions are such certainly underestimate the the Board will deliberately plan
•ration but this financed through the Joint developments likely to take? Is very real and active support lu acquire an ever-increasing
loini Committee Committee, ns is the Daily there, for example, a ease for that the Board receives from share as long as milk can be
•uli of an amend- Industry Training and Edura- the five MMB’s— three in Scot- the vast maturity of its .0.000 profitably marketed through
Mdk Markctin- non Committee iDITEC). the land, one in Northern Ireland, producers. It is this support, existing channels.
fund- bring provided pound for as well as the much larger quite as much as the universal i,eems. then, that there will
n Jv. iht* .loini p-iund by ihe Board and ihe England and Wales Board — to discipline that its producers little change in the basic
her il tailed " the buyers. Imth of whom ary amalgamate into one? impose upon themselves, that poW ers and responsibiiilies of
Dairy Indusiry." equally represented on the AJlhll „. 4h thr separate exis- ?1V0S the MMB irs CIrcnglh ' tiie Board. Change and devclop-
* thru Hie filial Natmnal Dairy Council. The lir |lie B 0art i s has its Nor should it be forgotten, mem will come in matters of
I.- on 1 he d cm- rip- .l»:m ‘'nimimtee also subscribes , iri . lins; inon . j,, hislorj- than in b > ihose who worship at the detail, as strategy and tactics
iid h.c the Board m rhe hinds of the United dfl | d)0 ‘ ralt . marketing logic, this shrine or competition, that free- are adapted to the new market-
rms nn which it Kingdom Dairy Association. | ias not proved lo he* a handicap t,r -' m " r choice in marketing is ing situation.
. iiir-ludiiig file which provides the U.K. link Jn prai . tll . e j,, f ac i t the five nf1t ‘ n an illusion, even for the There may. for example, be a
011111- or L-enain wnh ihe International Dairy areas W ork quite well as market- producer on the Continent, case for some change in the
vh as transport Federation. j ns ent j t j CS- ant j a n j ce blend There are, for example, large weighting of sales promotion
ldliiij CO-.K. and While 40 years have seen n f competition and eo-operalion areas in France and Holland and advertising expenditure as
nnlk going u« chanue and development they j Jt?tween y ienl dea i h -with any where the dairy farmer sells the relative value of manu-
ha»e also proved the viability anomalies. The 10 !bo IocaJ co-operative or to facturing milk increases. The
, Federation of U.K. Milk Market- no at a»- same factor could also alter the
ing Boards eives them a single ... . existing priorities in the alloea-
voice when this is needed. LViminiShea power non of milk supplies. Demand
,r there ts no eo 8 e„t ntarhe,. In one reject, the Board,
there ! Z<o*T e ~i ItrfZth
political argtintent against it As {hit year the JIMB sell, ns con- benefit of thfhonte producer.
Jong as the five Boards exist, it tract required the bu>er to *
cannot be argued that there is a obtain his milk only from the the Premium placed on
total- national monopoly in- milk Board. The new contract still ” oie ^ c °”^ ien o ce .
supplies: what we have, in insists that he can only pur- ,f dod marketin =- thc
effect are five regional pro- chase home-produced milk from B° ard will devote e\en more
ducer' - controlled boards, the Board, but does not preclude resources to research into new
Nevertheless, the charge of him Ifom buying elsewhere in milk products and the deiclop-
beine a monopoly is one that the Community if he wishes. menl of new processing tech-
has heen made against the MMB w «h the existing disparities m ntques. A new R_ and D. unit,
in ihe part, and will probably Pnce and quality standards. ? loi,gs,d r “ M i“ B crearoer >’
be made again, bearing in mind this is largely a theoretical Shropshire, will be opened
that “free competition” is one freedom at present: bin il is a next jear. There i* too. a
of the foundation stones of the P°*nfer to the future. ^°w,ng amount of bas.c
Treaty of Rome. The Board owns and operates J*fn T a ,^ h hv fhl
It is a charge that cauuot. ■ ■ ««l»r «r . cuu.mcrciaHv «de
in one sense, be denied, insofar ba3 frd manufactunns creameries Board's services to
as the Milk Marketing Board «*»»1 dairi ^- « f ° r far ^!_ s ^ blTilended
thp whulpsaler of milk two mam reasons: partly to ‘Ymers win also oe extended
n Ensfand and Wale- ” 2 strengthen its hand in negotia- vher ? appropriate, to brins
m engiana ana waie.. u is th trade on manu- ever-increasmg sophistication
^L^Zt -a l^opoire^i 0 "d Party » the breeding uf cattle and
, !i?v - a S to help it meet its obligation to the management of dairy farms.
V mo " o r ly . ** onI > 3 bad market all milk produced. “MB - sponsored research
thing if it is shown to operate 1972/73 these MMB Projects, in almost every sector
to the detriment of the coni- crean , pr j es handled 11 per cent of milM production, will give
f^r ni no^ £ T e har l dPmonswatcd of total e*-farm suppties: this a steady flow of new economic
T .? r - JJ? a "m eluded 14 per cent of milk and technical information.
dnirimpnt M ^Pithy.r a the dairv used for ereamery chee.-e. and In short, the emphasis
detriment nf eith.r Ihe dairy 3Q t . en t. 0 f ,hat used for likely to be uii development
iradc nr the consumer. buU e r production. and refinement rather than
(>f course. there are The European, accustomed to fundamental change as thc Milk
individual dairy companies — as farnier-cu-opcraiives running Marketing Board moves into its
there are individual farmers — such enterprises. us-uaJIj fifth decade.
□ttirv r Trade Federation
greetings to the
(arketingBoards on
Oth Birthdav:
i-.ieBM • V > >
A. II. P1ULP0T & S0\S (Milk Powders) LIMITED
For forty years through times of surplus and shortage, fhc M.M.B. has been the major
stabilising Factor in the U.K. market fur Dairy Produce.
Thc PHILPOT organisation is prnud in have played its pan by representing the
Board as their sole MILk Powder agents since the days of control and rationing.
To-day. the U.K. need no longer import skim milk powders and with our entry into
thc E.E.C. the M.M.B. Creameries are manufacturing dried milk products not only
for the home market but also for sale in Europe and other overseas markets.
As experts in this field. A. H. PHILPOT have exported skim milk powder to the
value of over £30 million and welcome this further opportunity of helping the British
Dairy Farmers to export their produce and prove once again that the best way to
help the balance of payments is to promote a healthy growth of Home Dairy Fanning
and Agriculture.
A H. PHILPOT & SONS iMILK POWDERS 1 LIMITED is a member or the:
A. H. PHILPOT Group of Companies, including:
PHILPOT (FARMS 1 LIMITED and
PHILPOT AGRICULTURAL .MARKETING COMPANY LIMITED
Head Office : — Philpot House. Rayleigh. Essex.
Telephone: Rayleigh 5522. Telex: 99166.
v-
- 1
The broadest
base
in the business.
So much so that you could say the only thing
we don’t do with milk is make it!
Farmers everywhere know us as the world’s
largest manufacturers of milking plant. We supply
everything from the simplest bucket systems for
small herds to the most modern milking parlours
for advanced farms. For decades we have led
the way in bulk tanks, coolers and farm hygiene
chemicals. More recently we have added a
comprehensive range of manure handling equi p-
ment-from scrapers, pumps, silos and spreaders
to complete systems.
You will find us in the dairy, too - an industry
which has known our name for some 90 years.
Here we are intimately involved in the whole
spectrum of processing, right through from milk
storage often to the packaged product that the
shopper buys. Our process systems make butter,
margarine, cheese, yoghurt and even ice cream.
We have the broadest base in the business
and, like many with round bottoms, we don’t sit
still.
- Alfa-Laval Co. Ltd. Great West Road,
Brentford Middlesex TW8 9BT.
Telephone: 0L560 1221 Telex 22769
ALFA-LAVAL
The company of uncommon enterprise.
66
The Financial Times Tuesday uctooer 1 IS'- p. -
% *
49 YEARS .
OF SUCCESS
DESERVES
LEBRATING
Good Health to the. MILK MARKETING BOARD
from the CWS MILK GROUP {Miik
Proces3ors and Dairy Product Manufacturers)
and the Co-cp's 11.000 Milkmen
THE DAIRY INDUSTRY V
best
Bv PETER SULLEN
iveries still the
term policy
- 'tr
* J *2
lr
A few years ago the milk rour.d;n:- ‘in: deiiv-'ry question
;mlu>ir> and, to a le>*er extent. ib- far i •..■-■* disturbed,
ton^um^rs were seized by one The vt-t maiority of homes
topn- nf concern that over- >till receive regular milk de-
:,had*iv.vd ail others— the future liveries. Close on 2fhn. house-
ui daily milk deliveries For a holds their milk, delivered,
time the institution of the deli 8 v.htvli vufatis 45.O0U roundsmen
very nf milk every morning *»? carting more than -fun. pint
the week tn practically '-very bottles from dairies to doorsteps
inime in the L'.K. -eemed every day. rerhap? the most
threatened. important change m the past
Change and experimentation has been in the
were rife'. Some dairy com- general acceptance by most of
pantos introduced «ne milk-less tire distributive side ol the in-
day a week. Others said deliver- dustry ihat the maintenance of
in- milk every other day was regular milk deliveries offers
the only economic way of doing the best long-term policy,
the job. and in some particu- The choice facing distributors
larly inaccessible rural area- was .summed up m the report
nu deliveries at all were of a special working party on
threatened unless customers deliveries set up by the
paid for the service. National Dairymen’s Associa-
Customers were naturally up non, which nosed the question
in arms about most of the that if trie trade’s general
changes suggested. Producers policy was to maximise liquid
were aghast and their Milk milk sales was u compatible
Marketing Boards viewed the with the trade « first respon-
prospect as a >ennus threat to sibihty to maximise profits'.'
the future of liquid milk sales. Tfl a | ar;e extent both aims
The root cause of the i rouble have been reconciled. What has
was the shortage nf labour and evolved in the main is a policy
the high cost for distributors oi sensible compromise m
of maintaining such a personal areas of particular difficulty for
service to 9n per cent, of the deliveries. The exploitation of
homes in the country. To-day the unique, daily contact be-
lli e labour shortage is. if any- tween milkmen and their cus-
thing, more acute and costs are toiners to boost sales of dairy
rising far more steeply but and non-dairy goods has
strangely the atmosphere stir- helped solve some of the
economic problems and The
More than 70 per cent, of ex-farm milk supplies are now collected in balk tankers.
will be another vintage year
for Irish Milk.
i
Sri h Viili, .ml- i . •r.’, nch hi.u.r; .
Il i ii.\ - in .- 1 i f
liiv chjiixiu r.-i.*n. v.iti liK nv.i\ iaihnL-. .'uic
l«IC he I ah-'UI ll'i p-niii-i i ilui is
n.-L-r Lh^n-.-n.
il'.vry ;-.ar i • .1 inuir ;imt. 1 ! vr. •• .-jr.
I:\l.:iul‘- ifsir ii.-i, m, u ih.- Isu.v nil- in ihc
.til -r.Ji Jm.v. : .I..
Lvi Jimt. I/*. ^1*—.. 'he iri h . dry
l-rinsr, ■■«./<. :r*l.j \.nn 4 nwo '.kIJ >-i
I sr.illn.ni c.'lio.i An r»)r^ f%ur.:i t i* 1J ilm:
rrcJu.r a- dr. , .n,rlJ"> nurkci > i»-r ±~ ' n:ilin*n.
in.-l.vtf Sajr.i*. r- -.ipp!y the Km*. m.iV'i^f
*• »r the fine' i 'Imr. jvi-Jud* 111 ibc w,«rlj An
R*>rd Rwinr.i • u.s 1 m urJ thv li.-n.--i nursui .
ip die tti.rU. N"V.. Ii-jLinif' <r.m ini., ihc
illlC. pfn-.uk-* u- swirh .1*1 irw.!h.f»: • >p;u-nuiiin
if. »;! ij-x lanncr on . ,- rn Km-r ik-.u.
‘Hit. L .K mil .oL h. :1k- Lrgr.i nurh.-.i ior
lb,- prvHljci. ihat irc-m iri'h Miik —
Kcrr>s.iUl butler. cram. and chcc-c
"1 be :,--t in' iho tnLrp.-il l^anuinitr repro-
-cut- k'.t. mum caning ■mmunuu-. iur ihc
heard, i.-l :»• ut‘ lurii-t o.rar.ii2i our
cm 111:4 RiarSaris ,n 11 'Jro 'JT-.rlJ uKuiirk-s.
rcihjp. c'Lti ihc £Tjpc snisrr .'i shir-c
ijsitm* chaiiau r nnoiv. -.ill i.-j-n .1 n.-.. 1 xu>t
1 run iti-- dJir* !jno.-n «: IrcLuid . . Man:m !
B.
1-1 1 S.-O.-nr Us*: hot daif-uie
• *.' I (mint u -nf »n.-U r..*. 1 * ha*
, .lu.-tc^ ra ib »'»U
Grattan House, Mount Street Lower, Dublin Z_
•sX -* ■
v -• s\:\
The expected dairy' range of liquid milk. Producers saw One change which is likely bottles with varying suetr-
butter, cheese, cream, yogurts substitutes as another threat to to become widespread over a have the advantages Ih;
and Savoured milk has been fresh milk sales on which the period of years is the substitu- weigh less and take Its
extended to include a whole whole structure of their re- tion of plastic or waxed-paper- enabling the milkman i>
host of groceries such as canned muneration was based. Dairy board cartons and containers and sell a wider ru;
on the other hand for the glass milk bottle. At goods, but the leakage c
soft drinks. bam. frozen with their obvious interest in present the major dairies have and the eventual cl is pi
chickens, turkeys and even manufacturing milk products enormous sums of capital tied plastic packs arc two
women's tights. Alcohol- did not want to see outside -up in bottle sterilising, filling drawbacks of the ne\
There has been a noticeable, flavoured milk, suggested by the organisations taking the and storage plant and in most tainers.
if gradual, trend towards the Prices and Incomes Board in initiative completely in the pro- areas of the country the glass Any change that can i
Government's acceptance of the
need for a " reasonable " de-
livery charge to be made in fruit cak(?s , eggs . margarine, companies
areas where distribution costs cntt ... J u,\th th»ir
are abnormaliy
contributed.
high has also
reduction of seven-day milk de- 1970 ^ a sa [ es possibility, seems duction of milk substitutes.
l«ver*.es which is unlikely to be a non-starter though J
Particularly popular among
housewives, especially those
reversed. The introduction of
a six-day service instead of
=• ss« srs 5 sg rs. «r as a
potatoes by the milkman. Even
providing they ha 8 .e the facili-
ties for keeping the extra milk
fr-’sh ever the -bvhour period.
Smaller problem
bulky and heavy goods such as lenge of powdered milks on the
front. 1
long-life milk — milk
bottle is easily the most econ- the conditions of work fc
omic container. A bottle costs men and dairy workers u
2p to 2ip but can often be used the labour shortage law
for more than 60 separate trips, milk distributive indu-u;
Af In some P 31 ^ 5 of the country the less milkmen have to <;r
number STtxips i. nearer 20 at quicker t hev ,ov.;
which level alternative milk rounds and or supply
packs became economically goods and customer- nh
Meeting challenge
regular doorstep milk deliveries
has helped to ward off the chal-
these can be* carried on milk domestic' front. Tbe“7ntroduc- t w « ^ h
vans providing the milkman tioa nt miiv miit For the dames and their staff customers f.om .viiom <.c.
••an rely on regular orders.
Extra sales mean extra work for
in tioa nf longlife milk milk rw we nainn wu uini sum kuhuihcis
s "-Wch is processed v^y sw^Uv th<! b,,tUes P resent P roblems « ^ collected
-r a t* 1 id tra^h [gh Tacfpe ure^ then "W* ba f d il b 5 ™ Um ' n "
on the
MiJJkJess da v ?
probicrc- have
vncountcr*. , d. M'tthour a refri-
gerator v.hu-h to <tore the
miik. :j i:-« .leather the expen- “ ‘7’
ence v.oulc probably have been I™
far more :rk.-ome. At least our '.f ; i.
m : ; kma r, exp- ? i net! «-are tu 1 1} .
wei: oesore the v.-.i»yh. v. hat was
happcr:ni xmi wiiy. Any dairy
eoBipar.y that doe# "ut observe
th's e.vmenta ry courie-y tbut
e-scr.::cl r..*!utic:t# exer-
10 The yxpvri-
io^-d.r or. ;h-: rock- of
ci-'tc-rr.er r-i.»‘jaw.
Evvi. •2-;vo.,; n g v.:',h one
d«: - • !•?:.•* er.es v.h:t;}e# ■ o-'- to
a rltgree ar.!*.*# ri2i?»u> >o
;mpr-v* •; r rroiiiLhi!,!;/ ami
. V.ov. - r • j-.d.-mar; *o ‘.arc j
r-. •- i ay vr rr' •**,■ '-..i ccrn-
.-.4: ::•• ■.■*'. r ;-: ;•> round.
No* ‘ c : ; t ■ 'c •. •;» doc* noi
'.•p.'. r. - . - r*i , own
.srr;. f-g or twice
of !- *.:• ihc djy
perishable foods. tl , the EEC system of support as bottles retain their economic taincrs raav j 1e the nrt .
Another spectre which cast for dairy farmers, based on edge over competitors their ^ majority of eu.-tunv/i
long shadows a few years back dairy products rather than is guaranteed. have to pay eventual!
ha? not liquid milk sales, is eroding the Many companies have already ensure the inaintenan- c
threat that price differential in favour of experimented with different service to doorsteps on
substitute milk would oust fresh liquid milk. cartons, sachets and plastic days of the year.
■Sv«
■,r.-
:r:-r?
■ y 3
New products
keep the chill
to
full
-- 7
•-V-
1 u*:-.
j f^.r'
Bv DOINA THOMAS
On*# of rr.o-: lively -ectors One manufacturer
a; - .o -..-.t ..*.:■■•••. f-»r rc-n-.-k.r.g
•r ■ % i -pe-ui r-.:ill
•. y'r ; . >.
T '. 1 . *.s‘< ”. • , o“. :■! -air* f r-in
*h- ~* ' r' f.‘c: hr- prs? vd ^ wry
•-_*! • . .-,:ri.l.*j- ’u 'h*- di.-Ir:-
f.t.i ir- r •lur:'.- :n r-’t-r yesr.-.
f. ? r r i- ::z r> i orictt
:'-. j of :niJ c.irred f *n
~ 'V r.:*- become.
:turer explains palate, which is basically sweet, of conserving frun <v- “*•
'.vo'*. • of the food p.;a:ling :ndustrj - at this* by saying that “cream is Yogurt, being an acid product, be put imr. yogur* ,H
:hL mill: the Riomvm .n :::c chi!! sacrosanct ’’ in the housewife's needed a sweetener to make it looking like friut' ra'n--
this P 1 0 ;j ; i • i
rabiRvi. Fr-j-b foods iia>ed on eye and she finds it difficult to acceptable to the British house- jam. Once
milk arc #ho\%:r.g rap.d growth a •.•custom herself to purchasing wife How'ever. it did have overcome as it fj . ...
m term? of sale- and manufac- it in other guises. However, health connotations and vague been, the product *• - ‘ i
-REViOUS
od
Hirer* great ingenuity :n terms the marketing men are working thoughts of less calories on its for the market
of new products. on it side, as the British public But there j s
™» naturally vausncl th- The nowtb In tin yogurt "* more sUmmin S- ^•ractenst.c of
on-
the
omulicoinr. .on,, heo-yhe,. m nri n Zuiy Bitty “J* ™“ iecided t0 ^ ^ n ' , « ^
nice when you ‘
one tnajur? ;n tne market arc mid-1960s and it was due
».• n -lever ? subsidiary van den much to technical innovation
M yogurt acceptable fruit would “feel
be used to add that extra touch The
200 years ago. the most
efficient milk measuring device
was the Milkmaid.
The trouble was although
>hc was hot stuff in the hay.
site wasn’t so hot when it came
to working out how many pints
made fi*e.
Today it's different.
Dairymen have to be highly*
profit conscious.
Inaccurate measurement
adus ::r; :?• c iioie ;n Ihi Sunk
Vigour,:.
Ncrm»:e'« OT merer bringr
■jncoiT.prcrjsingaccuracy lo
miik nawncnl.
i:'s steel lliwughouL
completely hyderjeanti utterly
rvluble.
Moderr. Daiiynen rely ob
N cprur.’ OT meters and never
lei tfccr Miitsukls any v. here
near milk.
Burghs. I.n.gjte in ii« Express and better scientific knowledge f U sve JL ess . UnfOTtnnate] C y aerat^th li ° n t0 .*:-,
Sr.'I.'/’ "'i. _ Xorth “ rn » sreafer nuriwUng subtlety a for, healfty Sin,,,..
« sopScro„7f rr^^es s? *3as srss,, I'tzr*
Made to measure.
Dsirvs nidi market-
;.Th.: name ri*!-# Furm. Interest- the mass market taste.
tncH- v n*iu.gh :’n:? ia:t has ju-t
iti* natural state fa? consumed This
mni> m Greek restaurants, for (never mind' the taste) of the was
■' i, ® rs ° er ' a *^ example, with
Danone - does not
The joint company will he
•.•ailed Dale Form Danone and
wii dwtribu; r ncth parent?
product.- naTiona!-:.. It is
j-.ntcndcci to integral..* * hi- sales
j at.d delivr.r;. licet-, to operate
from xmi? 17 depot- The
advantaev to thv rc’a.lcr
Lire; Ljsy-m-Rcjd
Numeral.,
Pu-ii
Set line
Eiw Oean
Gumber Body
in Stainless Sled
Rotary Piston Dc-icn
for Highesi Accuracy
Wo:!d Kvaov.f,
N :rt gg. 40? Sere.
K«-:c:
Register vjr. be ^up plied
A'th Optional fariluic-
:<■* -ait any Rjct
‘Vtcquirersetti.-
v,
•“-V*
Ts’
Made to Measure
Neptune Measurement Lld..P.Q. Sex No Z. IVc. Oldlum,
Lines. OL3 5BD. TcL: Saddle ■verth 4S22. Tcicx 6(*S'»t?4
qt>yii»u.-!i -.nvle
•i'n^ie deliver e-.
15
.-o-jr.'-ing' and
Cost
savings
Apart from the en-t savmsis
of the ?ale\ and dol u’ry mLe-
i ration, the n*»w company
shouiC also bv able to prbtndc
a wider liisiribuiioti of rhe
parent company products-
The main product.- ihat are
causing ad 'he excitement in
rhe vhiii cabinet arc yogurt and
crearabas<.-d pruduvU. Yogurt
iu nartiwUi ha;- -b»wn a
tremendous growth rate, around
2U per. cunt. anmial;> for some
: cat's now. 4p.*j thv market is
•NumabY! i»7 ’«ii worth so mi*
t^'jin. While ir vain -based pro-
durt< ac- gr»*v:ine almost
equally fast <if recent years
iho iRark^t value : s still
:?nly 53ni.
wcl! in cooked form with fruit. Though ' thV“T ^ • LOn1, r ■
The problem with yogurt in which tends to attract moulds, aeration ar* » nn,tsl> -. -
- Ufe Molt, what “i,
The was to combi nr* ri, ^ 1
with salt.) is that it resulting mixture. So .it was machines with a n V. *'"■■■■
appeal- to (he British necessary to devise a new way Continued on ncvi ° V ^ n ’ •
• Past;
•■.-i
r-.7,!iT*
.To the Milk Marketing Board of England and Wa!e<
from your
two months younger
brother. °
Best wishestoavery healthy forty yearold-from a ver •
vigorous thirty-nine and ten months olcLThe Scottish Milk^
Marketing Board-foremost manufacturers of dairy produrt
in Scotland ' cts
The Scottish Milk Marketing Board
..iitli
y.fi .
th
*
ancial Times Tuesday October 2 1973
DAIRY INDUSTRY VI
e
its
rt in increasing yields
BULLEN
farmer knows
?rs~the cows,
is : farm office,
proper office ur
•top desk in the
jferably by a
)king the yard.
Joss in milk
is valued at
“angers, known pedigree and with a ment of his herd and plan its device for the farmer! If actual accredited as brucellosis-free in
maow as much record for siring offspring that future development as a unit performance drops away rapidly other parts of the country,
lpioyoes the produce large quantities of milk -or as one of several enterprises from the predicted 'line the Although the Ministry's com-
in the case of beef breeds, on his farm.-. 1 Therefore - the farmer and the consulting pulsoiy eradication "scheme has
calves that put on a lot of MM B set up a farm, costing and officer can. start looking for the been running for only two years
good quality flesh quickly' and advisory service called the Low reasons such as food changes or tb e number of accredited
economically. Cost Pxpductibh ServJce'in 1S62. disease' troubles and put them disease-free herds has already
For a small fee the dairy Between S£00_ and 4,000 dairy right The drop in yields caused £rom 13 8 per ta 50.7
farmer summons a visit from farmers, make use of the service by sun-scorched pastures this ^
- - one of the Board’s artificial .atPre«nt,.«).pCT .^nt of whom summer is a topical example. Another common complaint
nner can tell by inserainators — “ bulls in bowler •“** “ e cwoplete service which improving the quality of milk of cows is mastitis which causes
-OTmputerised hats” as they were dubbed in PJY*” * 611 the -entepj^s . on has always been part of the widespread losses to the in-
health, milk the - early days of the service farms and not just ^tbe MMB’s work and the fight d Us try. Acute mastitis— infl am -
gumption, and shortly .-after the war — who da ^ ry . herd adoner Regiuany; against animal - diseases has mation of the udder — is easily
any .one of his brings, the deep-frozen semen f* 111 opasnepee, mju s played a big part in the im- spotted and treated hut the sub-
V .. .in special Tiquid. nitrogen con- provement process. Now that clinical symptoms can be over-
J -toten--t£fhe Waiting cow or a^vSs^of ^he *““?*■ CQme *J™ m tuberculin- looked. It is this hidden disease
he. - virtu ally cows. ' The service .from 23 te ?^ industr y which seriously affects the cow’s
t K ^i e , nsures ^ strategically placed centres in switched its attention to dear- output and life-span. With about
housed to diy,;' England and Wales is operated 115 bruceUosis disease. This half of the country's 3Jm. cows
•ratfr-oiram every-d^-of-the-year basis *“ *=““ :«™ fbort and It ™e
V bedding. He. so that the vital Time in the ItrZl rause uadnlant fever in humans ti^p ^ 3 )K,, fl 7
H their ■ diet, ta cpw's breeding cycle is not who drink, unpasteurised in- production done
e peakof con- ^ssed: . fected ^ or who dose
ably has them cated adi^on to the-semce is contact with infected cows. . . . ...
ed bs a vet ■«.* • ■ the prediction of future yields Another electronic milk test-
prevention of More HlSeminatlOn per cow. and per herd through RniredlAKk fpcfc Jng service operated by the
li'fcuKl cheaper) From the'few thousand cows the use of the mass of data on «rUCeiiOSlS tests MMB gives early ■ warning of
p 1 s ZZSZ the Board’s computer.. By feed- Every month the MMB tests mastitis present in a herd. At
- . * insenunated in ye s ing {n details of the age, calir- the milk of every herd in the the moment J only 6,000
cial eye - on of ing'date, yields, length Of past country for brucellosis. All the producers are regularly having
jaiag .pattern so soared to mpje than. -ira. cows - 0 j.. present. lactations, pins producers are informed of the their milk monitored but this is
{ated. at just .the .in-.- the past 1- monthsr— tne ggggomfl and other factors the . results. "The Ministry of Agri- twice the number involved last
ne chooses most second successive year T aa V*: computer can produce a remark- culture is also informed of the year. Eventually all producers
Us that will sire record number has been esTao- ably accurate graph of future results of all herds within may come under the scheme to
-. In addition, Jished. More than a third ot tne mnt yields every two months, official brucellosis eradication the ultimate benefit of the
ze of modern total were inseminations from rpj^g acts ^ ^ early warning areas and of any herds officially whole mdustrv.
mers, and their the many beef breed bulls stand-
# every cow by ing at the Al centres. -Both
e a surprising beef and dairy are scientifically
each cow's selected and their progeny care-
ait, habits and fully assessed before they are
nour and her offered for use. ■
;k " order of the Almost as important as the
AI service in improving the per-
£ milk the cows formance of the nation’s dairy
ofully recorded herd has been the expansion of
juality and their milk recording. Recording pro-
also carefully vides an official, accurate log of
icularly in these the production of each cow in
■ed prices. The the herd, the quality of her
us much more, milk aiid an analysis of the
id analysed ' by current production of the herd
'ed back to the Its use as a tool of management
Milk Marketing to hack up the day to day record
of the many of output and feed consumption
ical and practi- that the farmer may keep is
ev provide for invaluable, and provides authen-
tic verification for any of his
claims when selling dairy cattle,
• fonost or provides information about
w anv prospective purchase, he
these various makes.
To-day a quarter 'of the dairy
mnere to boost farmers in ^ count ry owning
Z l a third of all the cows are
,5?1 p Z involved in milk recording
Cheeking the temperature of milk at critical points in a Cherry-Bnrrell
Unitherm aseptic system on a continuous ehart recorder after ultra-
high temperature (UHT) processing at the Milk Marketing Board creamery
at Kendal, Westmorland.
How to create
schemes. Results of the milk
1 °i. o£ c ^ >ws recorder’s monthly visit to each.
Wales has risen
K 1
Uil
1!
, _ . _ farm in the major recording
l VoS schemes are processed by com-
-J “ puter and the producer receives
illons eauh this a mon thly analysis of the
c familiar terras j n addition to record-
pints or milk - n the m jj|- output, the MMB
’ evef y da y also provides a butterfat and
protein content test service,
‘'actors in this Development of electronic test-
i output are the ing machines has enabled the
eh to the heavy Board to keep abreast with the
Friesian cattle demand for this quality testing
ady expansion which involved some 7m. butter-
al insemination fat and 3m. protein tests in the
•ed by the MMB.- past year alone.
AI enables the The natural extension of milk
s ordinary cows recording is its use in helping
with bulls of the farmer to check the manage-
FROM PREVIOUS PAGE
products
in a multi-fill as trifles ahd layered custards.
ig fruit conserve There is still a certain degree
rt, the problems of. resistance on the housewife’s
r complicated part to the purchase of these
ruit had to be products because they are quite
e throughout the pricey. If she can be bothered
she can make some of them
method of hand- herself— and probably cheaper,
ducts has been ^he key is - a technical one.
asible for such i f tllc 2 nillc processers can pro-
■ various brands duce complicated '• products —
have been on the and some products do currently
oe time and tne involving nine filling operations
introduced fruit ot a j
? again aeration n re pa re d to swallow, fresh
tails problems, crpam -based products will - no
lg air into an dou j,t become as large a mar-
■«
Aa additive
ked. As yet The. At the moment cream is
machines cannot largely used as an additive, on
totally aseptic — t Q p of cakes, trifles or other
ould. it has been forms of pudding and the tech-
.1! for the job. nnlogy is concentrating on find-
ckuging goes the iag ways or preventing fresh
whether product eream seeping Into the product
.»« together ha\*P wtiich it is d ecn ra l ing ■ • One
d the only great critical -point is in the whipping
.rs to bo a short* process; a moment's inattention
ckaging material. on t hc part oF a worker and
;■ , -ction of the pack a vrlioie batch of cream may be
; t '•asc thc product’s 0 f. ^f, e u;rong consistency.
. then to sell itself Th€ , re are no indications that
the consumption of milk-based
that sells
by Ogilvy Benson & Mather
*
1
Milk and Cream are just two on our menu!
a 1 -.
fe. A great many
stylo packs are ,
market but one ‘producj* is having an adverse
market but one affpef un ^ c0nsumptlon of
milk fri general — though there
man nbserved:
wi fe no^cSnc i* a sharp North*Soufh differen-
bv fancy wS Consumption of both pro-
ducts goes up at the traditional
joes like a bit of biRh season's . — Christmas,
ig, however, is in Easier and mid-summer —
■d ’products which which leaves the.' manufacturer
1 to be more of 8 with only one problem, his
wrefore not quite source of supply. The cow is
rive. Most of the not the slightest bit ihlerested
ased products on in human- eating patterns; and
the moment are lends to produce more milk in
sated products, In summer than winter— -giving the.
•JHitg. Sense, such processors storage problems. "
■/. ■■■: V
Ogilvy Benson & Mather adver-
tise hundreds of food and drink
products around the world.
In the last ten years, we’ve
conducted countless research
studies to find out why some food
and drink advertisements sell
and others don’t.
Here are some of the things
we’ve learned:
T
iHE most important decision you’li
ever make about your advertising
is: ‘How should. I position my
product?’
Should milk be positioned as a
pleasant, cool, refreshing drink?. Or as
a value-for-mon ey product essential to
a family’s welfare ?
Should you position a - cooking oil as a
purer, healthier cooking oil? Or as a pro-
duct that promises the housewife crisp,
dry, non-greasy end results ? Four years
ago, research helped us name and position
new Spry Crisp’n Dry. Since its launch,
Crisp’n Dry has gained a major share of
its multi-brand market, and is now a. very-
strong number two.
In other words, the results of yotir ad-
vertising will depend less onhowitis written,
than on how it is positioned . It follows that
the product’s positioning must be decided
before the advertising is created. Look
before you leap!
Long after the creatkm of the
‘OnoJm Prqftn Mflhn Hay* message^ ;
Ogflvy Besson ft Mafiier coatinoeta
posidon. milk as an essential, vahzc-
• »r-money product.
. When you position a food or drink
product, there are four principles, tba t
help ensure success:
x* Know your casbaoer. To begin
withj she’s ^probably younger than you
‘ " - • •• •.• -... •
are. And different from her mother in
many significant ways.
She’s apt to be more concerned about
good nutrition and to want more information
about the food she buys. Give it to her!
And she's apt to appreciate novel
ideas. Make your drink advertising
fashion-conscious !
So we make quite sure she knows
exactly why chicken is such good value.
And we make her feel fashionable
when she drinks Cinzano Bianco.
2. Tdl her how and when to use
your product. She’s interested in new
ideas about serving food and drink. Give
her all the facts she needs. Even in a
thirty-second television commercial, you
. can get the main points across.
Always choose Ihc right relationship
with vour customer. On Ogilvy
Benson & Mather chicken com-
mercials, Margaret Powell speaks as
housewife to housewife.
Here’s another thing to remember.
Be realistic. Eating and drinking habits
are not quickly changed. It’s easier to
make your product a substitute for an ac-
cepted dish or drink, than to create a new
one.
3. DonH forget to tell her it tastes
good. Frequently, advertisers get side-
tracked into positionings that stress con-
venience or health-to the exclusion of
appetite appeal. Ogilvy Benson & Mather
believe in showing food and drink — in an
appetising wav. A simple glass of milk can
look delicious and inviting 1
4. Give your product a distinct
personality. Food and drink advertising,
like all advertising, benefits from a clear-
cut personality and a distinctive tone. Wc
gave Worthington E a distinctive young
people’s personality.
‘You can’t save souls in
an empty chnrcbu’ ' -
Once you’ve determined thc right posi-
tioning, you must communicate it to your
prospect.' You must make your advertis-
ing interesting enough to make her notice
your product, remember it, and take
action. Tou can't sane souls in an empty church.
Here are five techniques that can help
you.
x Jf youhave anewproductjsay so.
Your product will only be new once. Take
advantage of it. News increases the impact
of television advertising. If your copy-
writer feels the word ‘new’ is boring, over-
rule him!
Launched for Rowntree Mackintosh
Lid in September 1970. Breakaway is
now in national distribution with a
growing volume share in the chocolate
biscui t co undine market.
2. If you have areal point of differ-
ence, make the most of it. Demonstrate
your point of difference. It will make your
commercial more memorable.
3. Appetite appeal increases TV
recall. You can borrow appetite appeal.
Put cheese on your biscuits or bread. Put
cream on your pie. Show ice in your
drinks.
Food is most appetising when it’s
shown ready to eat. Show the finished dish,
not the ingredients. And always try to
show food close up.
Women _ respond to recipes, moms,
rooking ideas. Rcdpcs can more than
double readership.
In print, use photography instead' of
drawings. Photography carries . greater
conviction.
4. Use recipes. But don’t bury your
recipe in body copy, and never print it over
a coloured background.
Don’t use recipes that are too exotic,
or -difficult to prepare. A new recipe for
irish stew (cooked with Lea & Perrins
sauce, for example) will get better reader-
ship than one for coqau vin provenoale.
5. Don’t be too clever. You can be
frivolous about certain drinks, but re-
member that food is never funny to a
woman. It takes large chunks of timeout
of her life three times a day, 365 days a-
year.
Attempts to entertain your TV viewer
can be costly. Do you want to spend your
advertising £ on gaining a few giggles ?
We positioned Cinzano Bianco as a
fashionable, sophisticated drink. Since
1 969, sales have - increased by 98
percent.
Ogilvy Benson & Mather’s
food and drink clients
in the UK:
Bass Gharrington
British Poultry Meat Association
British Turkey Federation
Cadbury Schweppes
Campbell’s Soups
Cinzano
Flour Advisory Bureau
Farley’s Instant Food Ltd.
Milk Marketing Board
National Dairy Council
Dairy Councils for N. Ireland
and Scotland
Rowntree Mackintosh' -
J. Sainsbury •
Smedlev-HP Foods
- Smith Foods Group
Batchelors Foods - . . / .
Van den Berghs and Jurgem ;
T. Wall & Son
V
40
The Financial Times
Tuesday Ociubei - L
THE
NATIONAL
FARMERS’
UNION
having itself served the farming
community for over 60 years
CONGRATULATES
THE MILK MARKETING BOARD
ON ATTAINING
ITS FORTIETH ANNIVERSARY
and
looks forward to continuing
and successful co-operation
with the Board in all spheres
of its operations in the future
Agriculture House,
Knightsbridge, SW1X 7NJ.
THE DAIRY INDUSTRY VII
Milk not the perfect
but the next best thin
Bv JERRY COWHIG, Editor. General Practitioner
The Hampshire Cattle
Breeders Society Ltd.
offers nearly 30 years' experience in Artificial
Breeding to the Dairy and Beef Industry in the
United Kingdom and overseas.
Semen available from Proven and Performance
Tested Sires of British and Continental breeds, at
competitive prices. Fully illustrated Sire Guide
obtainable free on request from: —
Hampshire Cattle Breeders Society Ltd.
A.I. Centre.
Lyndhurst. Hampshire.
H.C.B.S. congratulates the M.M.B. on their 40 years
of service to the Dairy Industry and are proud to
have been associated with them in the development
of the Artificial Insemination Service in this country.
If milk is nut the perfect food,
then, in Fats 'Waller's phrase,
it'll have to do until the real
thing comes along.
It is an old truism uf nutri-
tion that no diet, let alone any
single food. is " perfect.”
According to rhe trick exam
question more often quoted than
proved experimentally, the
humble potato is the only food
capable of sustain ing hu man
life on Its own: but it depends
on what you mean by " perfect.”
The fact that milk is the natural
food supply nf the infant mam-
mal during its vulnerable period
or early growth does not. of
itself. deGne milk as the perfect
food. But it has few competitors,
and when its cost and versatility
are considered it is out on its
own.
Milk consists uf two parts: a
white colloidal solution of pro-
tein in water: and a smaller
amount (3 to 4 per eenti of
fat. And In among ..these two
intermixed phases are a number
of essential vitamins and
minerals, as well as some car-
bohydrate. All these nutrients
play a role in the body's meta-
bolism, and the most skilled
food technologist would have
difficulty in devising a more
attractive presentation of them
at 10 pence a litre.
But man's first requirement
of his food is for energy, and
before detailing the nutrients it
is important to mention that
together in a piut uf milk they
provide nearly 400 Calories —
twice as many as a pint of
beer. That does not mean, of
course, that milk is "bad for
sliminers.” Accepting that there
is no such thing as a “ slimming
food “ ur a ” fattening fuod.” the
rule for dieters is to stick to
foods that provide plently of
nutrients along with their Calo-
ries (like milk), while avoiding
those that provide Calories with-
out much else ( like sugary
foods, confectionery and alco-
holic drinks).
Therefore milk, with its
carbohydrate and protein each
yielding four Calories per gram
and its fat nine, is a significant
source of energy. The distribu-
tion of these major nutrients
differs slightly between cow s
milk and other species, hut the
energy content is roughly \he
same. For example, vow s milk
contains more protein than
human milk (3.3 against 1.2 per
cent, i and less carbohydrate
(4.8 against 7 per vent.*. Often
a conscientious mother, perhaps
encouraged by some well-
meaning instruction book,
though she would not deprecate
the extra protein in cow’s milk
compared to the human milk
she has opted not to provide,
may grasp the notion or some
mystical value in the extra
carbohydrate the child is not
getting. So she adds sugar to
the bottle, and tin* child grows
overweight.
Iron lack
But despite its abuse in this
way, milk in some disguise or
another is the nutritional main-
stay uf every baby. After a
while the infant is obliged to
take some solid fuod as well,
because milk happens to con-
tain virtually no iron, and the
iron store# which the baby's
liver has from birth become de-
pleted. Neither does milk pro-
vide enough vitamin D — the
vitamin that regulates bone
growth and whose absence leads
to rickets — or enough vitamin
C. But for protein, vitamin A.
the B vitamins and calcium it
is a good source.
To simplify an appreciation
of the dielary importance nf
various foods, nutritionists used
tu talk of " first-class ” and
“ second-class ” proteins: mean-
ing, roughly, those that would
support growth and those that
would not. On this basis milk
protein ( casein i is undoubtedly
*■ first-class." as are all animal
proteins, while most plant pro-
teins are down the cheap end
of the train.
A more satisfactory, and more
accurate assessment takes
account of the composition of
proteins. Every protein consists
of numerous antino acids joined
chemically. There are 20
natural amino acids, and while
most of them are equally useful
physiologically, eight are parti-
cularly important. Thus, the
proteins which contain large
quantities uf these eight
"essential" aininn acids are
A continuous butter making machine at the MMB’s Alfreton creamery in Derbyshire.
DID YOU KNOW?
The Milk Marketing Board is one of the largest manufacturers
of daily produce in England and Wales, manufacturing
approximately:
30% of all butter 25% of all spray skimmed milk powder
15% of all creamery cheese 10% of all yogurts
Much of this is marketed under the Daily Crest brand name.
more valuable tu man than those
which contain mnre of the other
12. And the best of ail are those
in which the special eight are
combined iu roughly the same
proportions as in man’s own
body (since that is what pro-
teins are for).
On that basis, egg protein
leads the field with a corres-
pondence-to-man approaching
100 per cent. Milk is in the
eighties along with other animal
proteins — still easily good
enough for growth and health.
Every pint of milk contains
about 20 grams of protein; that
is enough for a small child each
day, while an adult needs only
two or three times as much. So
milk fulfils its second important
role, as a source of protein.
Other nutrients
If nnlk is allowed to
coagulate into cheese, the loss
of water results in an even
higher concentration of protein.”
In addition . the process
emphasises the presence of
other nutrients in the water
phase of milk: water-soluble
vitamins — particularly the B
vitamin riboflavin with its
dramatic fluorescence under UV
light — and above all the mineral
calcium.
If the message “ milk for
teeth and bones ” hasn't got
through yet, it never will. Even
those depressing nutritional
surveys that reveal unshakeable
misconceptions about food
values consistently discover an
awareness of- this mineral rela-
tionship. No -one needs more
than a gram nf calcium a day
under norma! circumstances,
and a pint uf milk provides
more than two-thirds of that on
its own.
When the other phase of
milk, the fat. is isolated for the
production of cream and butter,
then the fat-soluble minor
nutrients come through. Vita-
min A and its relatives the
carotenoids, all of which may
not actually help you see in the
dark but at least prevent you
being blind in twilight, give, a
yellowish colour: while vitamin
D is concentrated to an extent
that makes butter a minor
souree.
But milk fat has a greater
significance than as a carrier
of vitamins. With other
“ saturated " fats it stands
accused of precipitating arterial
disease, and in particular the
fatal arteriosclerosis.
Among the recent, pieces of
evidence linking saturated fat
with heart disease is a Finnish
experiment in which the occu-
pants of two mental homes were
fed “saturated" and “poly-
unsaturated" diets (including
artificial milk) for several years.
The coronary death rate was
lower in the unsaturated group.
Now, it may be that unsaturated
fats, in which the chemical
carbon chain is not saturated
with hydrogen ions and which
are usually liquid, positively
protect against the build-up of
fatty plugs in the arteries, or
perhaps the saturated fats posi-
tively encourage this, or perhaps
both.
Strong evidence
In any event the evidence is
quite strong, and avoidance of
saturated fats is certainly one
(but only one) of a number of
recommended moves for the man
who would avoid ’ arterioscle-
rosis. He might cut the chunks
of fat off his meat and use nil
instead of lard: he might even
use a polyunsaturated margarine
instead of butter. But it is a
playground of roundabouts and
swings. To replace: milk with
some semi-synthetic polyun-
saturated substitute would seem
to most people an extreme
precaution and. although the
risk from ^saturated fats exists,
the benefits of milk — both social
and nutritional — pruba”
weigh them. Further!
give up smoking and.
to chouse one’s parcr
care, can be rewarded
coronary-free years.
No great skill im requ
modern standards, in <
substitute for milk —
saturated or un«mirst‘.
lar protein, vitamin
minerals could almost «.
be homogenised intn
fluid resembling the Vei
tion of the cow. But
more to food than n
The fluid has to be dr
it also has to be car
extrapolation into cu*ra
sauces, jellies, tea a no
And a substitute vv>u!
a lot of spare barn'
although no dmibt airru
the buyer of out-uf-inv.n
are better filled with •.<
For the enw i> an 1
machine. It is. a< ('“■!'
said, "of the bovine i
one end moo. the i»th«*r r.
is capable of takin-j
number or mtruc .mm
stances, mostly unusable
and convening then:
valuable a food a- man
Milk may not be perf
it's as close as Nature In
and man need nol try i->
closer.
Dairy Crest
Thu name that stain Is fur the daily farmers
i if Eiurlaiiil ami Walo.
Political pressures
U.K. butter price rise
Bv JOHN EDWARDS
Butter is the fund most
identified in the public's eve
with rising costs and the draw-
backs nf Britain’s participation
in the Common Market agricul-
tural policy No _une has yet
been able m explain to ihe
public's satisfaction why butter
should be sold by the EEC in
ihe Soviet Union at ridiculously
low prices fmm its " mountain ”
of stock.?, while its cost within
the Unnimunity is pegged ai
high levels that will apply in
Britain within the next few
years. The public outrage wa»
so great that the U.K. ihivern*
mpnt was forced to introduce
the special voucher scheme sul»-
-•idising the cost of butter to
low-income groups.
At the same lime the EEC
Community was pressured into
lowering the ~ intervention "
price fur butter, despite strong
protests from farmers, and a!»n
introduce j general 2p a pound
subsidy to try and prevent the
build up of another .butter
“mountain.” As a result fore-
casts that U.K. butter prices
would double in the next five
years have been confounded so
for and prices at present are
remarkably low.
There were, uf course, sound
financial reasons just Hying the
safe of 2MU.IOO tons of surplus
EEC butter t» the Soviet Union
at a tune when slocks had
reached dansenuMy high levels.
But the fact that (his manoeuvre
was necessary spotlighted the
criticisms of the whole Agricul-
tural Policy system.
The unexpected cutback in
the ” intervention." or floor,
price for blitter, plus the cun-
sumer subsidies, has helped
keep the cost uf butter duwn
lower than expected. As 4
result consumption has shown
signs of increasing thus con-
founding previous predictions uf
tfigh prices bringing a sharp
cutback in butter sales.
The gradual reduction in
supplies from New Zealand, as
a result of Britain's entry into
the Common Market, i< there-
fore leaving room for potential
expansion by other suppliers,
noth importing countries ami
domestic producers within the
Common Market. Other tradi-
tional suppliers, like Australia,
now have to surmount rising
tariff barriers and Finland, for
example, has already abandoned
the fight to retain its small
share of the U.K market.
Ireland has recently launched
an aggressive campaign for its
Kerrysold butter, cutting its
price — in the view of market
traders — to below the “ inter-
vention " level. The Irish claim
this move is to capture some of
the New Zealand share, but
some market sources feel it is
aimed more at offsetting
reported drop in sales resulting
from the political troubles in
Northern Ireland creating anti-
Irish sentiment among house-
Traditional [ cheese®, maturing ]„ careful]-
Tite English Butier Marketing trolled conditions, make a dr am atic pattern*
Company’s brand. Country Life. ' y
now claims to be third biggest 0 y supplies, so this has dis- pay considerable
«H,ng brand »nh around S per appeared completely. The U.&, butter in the year. „■
cem. of the market hat lias which has been a net exporter ibe speed in which
been captured in only three 0 f butter in the past, is known about will decoe b . f
years. Danish butter enjoys [0 be Bhort 0 , supplie , , nd , the butter markei
a caremlly- built-up tradition rise in its import ouolas for it moves l?,„ ,, “»<
of strona consumer loyalty. dailT products, and butter, in beine a sem h.v, ,v:
al.houan at a premium price, particular, is expected to be Much
hut at present .Is .ales are announced abort*. “S, *5? W
b**ins restricted by a shortage .. „ v ’ , urR 1,1 rhe chee-ie
of supplies. . M the tune There are ominous those affecting bu r : ,. r ±
*ign* that the high costs of stocks are presfir!- ."^
vj 7 n*A e neinFe. cereals and shortages of protein stanuai level - a '
.VZ,. prospects in animal reedi/is-stuffs. as well oi a price ioci-M- 1
Meanwhile the position of ^ ,frac t'on of more profits Cheddar next ' . l<
both butter and cheese imports ! - heef cattle, might well claimed that cheese k \
from New Zealand is to be re- r ,‘ z r a ®5°JJ ln mil! ' — and Cicnflv profitable coim». J '
viewed in 1973 when a longer- Gutter — production, the other dairy prod ..,?" 1
term decision will have to be ho CCU) ? partiCl,h}1 - v filler, than can ri
reached. At the moment with JL ‘ * l ? Jlf w,n J*r.. with the intervention at a p
mure than adequate supplies able 10 retuiu Some of th*
available within the Commu- SS "“r S’ “J having to stocks is «mbut" d ^
nity. the prospects for New Zea- ‘ ° r a hl S h fr,r *t to mature and V
land continuing to be able to J™ “"“J** 1 s £ ,y h ,"*«««* *«« year to take ati ^ n
sell dairy products to the EEC m !? S * b ? e ?. ? upply Gonial
do no, look ^ huMS S e d’^p~ SS U
However, it is by no mean*! quickly indeed jf there is a determined r,! !auj,t
certain that the present position significant drop in milk produc- the lar*I 10
of over-supply will remain for tion. Lf this happens then the out of » h,t P eft 9y lh *
nil Uim- lone — by 1975 New upward iTend in buUer pnS ZvibnH ^ fr ct ' ent «''
Zealand supplies might even be in Britain as they are adjusted the n < ? v » Ch ? t ‘ dar &,J Ppli
very welcome. Already the to come into line with ihe EEP few a
worid market outside ihe EEC levels during the transitional ^? Peara ; n ^_,, Of ulhw
has tightened up considerably, period could well be accelerot..H suppliers.
The butter bought by Russia in the same wav a T 9 : aDadian Cheddar. i’ om
"«* is ssisx-rr
* •■* *«ioan tu in?
from tite EEC is thought to happened
jf,
' If
un
\ t __
.. '*>. I
■fi a
■
“•a*.’®
•• f-V
' ” uX-“
.. -JVTh,
•- • i
-- - - - ■S
—-4
? L \l
'*■• >.*: •
■ ' \i!
• • .. r; r [ jjr*
-- : Mj-JC
have been used as a luhsUluie meat. Tne U.K. consumer i noMever * for an i, K
for a .shortfall in sunflower seed undoubtedly gain" to hav/» , 1S . re m t!le U.K mail
=. iu\e to raises to be severe 1
' 4
financial Times Tuesday October 2 1973
HO VIDEO
BY JOHN CHITTOCK
he art of the film and
le art of the sponsor
>RED documentary This film, ostensibly, was to knowing that they did what was
irmal standards of encourage young men to look asked of them. But function-
nent. Woo betide to the sea asL.a career; in this aiism endures only when it is
carelessly says of it* succeeds admirably. But supported by the best art— as
that it was dull there was another underlying every architect or industrial
#*■ v. ' 5n; as as not, purpose: the film was sponsored designer would agree.
cologis 1 by Esso as a contribution to .-The enduring quality of art
i£>Tt
will leap to -its the’work 'of the British Trawler
spy that the se- Owners' Federation.
may . seem unimportant to an
was do Esso get out of it, and what h^Ttewntiy 5 ^ released
S o the portrayal trt did they want to achieve? gSg * fo? S
-^^Vr^as classic. . ; The answers to such questions or i fi inal film the ' Diesel Storv
m. shrouded ifl the wfafcb^iiSs X*on£
r vr -iye. nightmares mysteneB of Compaq policy; for22 years. -Thelifeof a film
,, problem, to. jo how ,«m a straight artistic £ not^fso Sportent to Ihe
a jwdgment ^ sponsor, but. active defied
hjtenaed audience ■»» -»j encies can begin to look hideous
Buflders ■ in a year oi:
to: the inter- It comes easief with, a. film th
undent organised Jibe A House at Richmond.
e ■ : Council of JChis was.made for Formica and -fy Word js My- ® ond » has
idasixJal Federa- shows the ^conversion of a I“SS25 M
inired to show on. Victorian house into three replaced imw with a re-make of
m fhe purpose of separate 'flats, with lashings of same . j ,T“ e " r 15 *
' tbe audience at Formica -everywhere: " The com- embarrassed me and I cannot
ioedl' - pany commissioned the ; entire • fniasme- whaM* bas looked hke
r hi» means that Project, - and 'filming started t0 audiepces m the 1970s. The
{fj ^e builders moved in. new one is surer in its handling
PR^ Sd a^S The purpose of this film— and of actors, but still lacks a
-two wfll-Kniemniv^ intendei^ audience — is self- creative structure and is un-
iwo.-wni solemnly gyJdenL It is a straight appeal Mod* to entrance the visiting
VS
to the consumer market Md'to schoolchildren at Throgmorton
*&*£*?& ^ » Street. ■ ...
its style, regard-
is
[lustration of the
:o be seen in A
sage is; “You .too can have a t -
home like 'this . if you buy '■ ATlIGSS'
Formica. 1 ” The 1 glamour is .. . . . .
embellished by the appearance ' ' This is hot ■ to say that
of David Hamilton as the simplicity in a film will render
smiling interviewer; as smooth it artless. The Cement and
as a sheet of Formica. Concrete Association has for
In this case, a critic’s dilemma many years produced technical
sponsored by Esso j s unambiguous. The slick and films about various aspects of
3t of the British pretentious style of the 1 film, concrete — straight; dear, un-
iers’ Federation, which nevertheless sagged for (Mmplicated films. When a film
/ and exhilarating want of good cinematic construe- sequence shows the mixing of
e for the trawler- tion, irritated me. I knew I concrete or the 'transmission of
dT as a career. It W as being sold something. • power through a gear chain, it
e ingredients one On the other hand, the con- really can achieve the quality
expect in films version of the house — and the of art if its explanation is
a, with pictorial efforts to put -some really good clear, precise and 'economic in
of crashing sea design into the work — were of its cinematic brush strokes,
illowing oilskins, great interest to me, and would The effect can be seen,
it into the close be'to most people. I even found appropriately, in Artistry- in
life below decks, myself beginning : to recognise Tureens. Sponsored by Campbell
ms a masterpiece, the virtues of Formica, fooling of soup and Andy Warhol
nonetheless. myself once nr twice that I soup-can fame, it shows how
?artion to such a might even manage to handle two replicas of antique tureens
of most people, is the stuff myself. • . were made by modern crafts-
act: did you like men— one in. ceramic, the other
hi? If in art you SnnilQniSl in silver - Because the fil
u like, that ought making in each case follows 1
But i-n the case An artistic failure — a ftinc- process faithfully, without
*d film, someone tional success. The sponsors' self-conscious attempt to impose
on it to achieve aim is .fulfilled and no doubt art upon art the . result is
objective. the producers will rest content, absorbing. *
■" *
? t .
* ■-
-
♦ ;
/ *
id.
Jar dine d’Ambrumenil
International Limited
Jardine Matheson & Co. Ltd. announce that their UK
subsidiary, Matheson & Co. Ltd., has now completed
the formalities of the acquisition of d’Ambrumenil
Frizzell International Ltd., and that the company has
changed its name to Jardine d’Ambrumenii Inter-
national Limited, with effect from 1st October, 1973.
Mr. Paul d’Ambrumenii remains Managing Director,
and Mr. Michael He fries becomes Chairman. The
company’s new premises wifi be shared with
Turnbull Gibson & Co. (Insurance) Ltd., Matheson’s
existing insurance broking subsidiary; and the two
companies will be working in dose co-operation to
to .develop Jardine Matheson’s insurance broking
interests.
Jardine d’Ambnunenil International limited
56 Artillery Lane. London El 7LS.
Telephone: 01-377 9266 Telex: 884931 Answer Back: FRIDA
9@5U-
^.-ACTUARIES SHARE INDICES
riVk
QUARTERLY VALUATION
... irket capitalisation of the subjections of each of the F.T.-Aetuaries
^ m is at September 28, 1973, expressed below in millions of pounds
* reentage of the All-Share index. Similar figures are also provided
preceding quarters. These valuations are published quarterly and
. y Extel Communications (Exchange Telegraph Group on an UB.BL
■■5. ter)-.
p.’+Ti
'rP.-J?
ITY GROUPS
& SUB-SECTIONS
■i'ilu«9 jMM* imn.-i-, • -loi-k*'
GOODS GROUP (185)
vialerials (23)
jg and Construction (22)
r i i'T)
"* is (Heavy) (15) -... .
ip (General) (65) ...
nd Other Tools (J3) ...
ous (24)
R GOODS
j£S) GROUP (59)
anics. Radio end TV (14)
( Goods (16)
id Distributors. (29) ...
R GOODS
RABLfi) GROUP (170)
(16)
I Spiriis IS) ...
nuni and Catering (16)
iur.icturini> (24) ' ...
tiling (IS) ...
rs and Publishinu (18)
: and Pajiur (15)
<>
C«> -
13) ; - ...
G.-1R1C3 tfi)
IOUPS
i (22) ... ... ...
npment ( 10 )
HO)
-ous (unclassified) (41)
.\1> GROUP (497 SHARES)
U*Lrkcn.
mptraUnUaa
t\
Stpt. JB. .1B7A
—I
6.008.0
1,528.5
605.0
1,392.1
247.0
1,735.8
128^
576.4
2A2B.5
1,054.2
275.7
698.4
11.198.8
1.388.2
680.5
84515
1.723.2
811.5
361.7
326.5
5.427.4
785;a
798.4
50.1
2.569.5
922.0
678.8.
£.139.0
2S.530L6
3.477.1
(4 >11
'hxrr
lotlax
M srlnc
aiBnia, *
capital {ration
M at -
Jam £9. 1973
(£m.)
share
index
15.02
3J1
1.51
3/V8 j
0.62
4Jt4
0.32 )
1.44 {
-.5.07
2.63 I
. 0.69 j
1.75 .
27.99
3.47
1.70
2.11
4^31
2.03
o.»o
0,82
8.57
1A6
-2.00
0.12
6.40
3.30
1.70
. 6.33
£3.83
I .8.68 '
6.281.0
1.469£
621.6
1.248.1
267 JS
1,906.8
145.6
622.2
2,163.8
996.3
308.5
859.0
11,658.1
1.426.2
628.1
936.6
1.830.8
742.2
376.9
355.2
3.502.3
■ 850-5
865.8
49.8
2.705.0
890.8
673.6
9^264.1
26.636.4
4.016.0
14.92
5.49
1.48
2.97
0.63
4J>3
0.34
1.46
UuM
capital Im tion
u at
March 30, 1973
i£m.>
5.14
2^7
a73
2.04
27.68
3.38'
1A8
2.22
4.59
1.76
0.89
a 84
8.52
3.02 J
2.06
ai2
6.42
2.12
1.60
5^8
53.B7
B.54
6.059.1
1,365 JS
581.7
1,278.6
553.4
1,837.5
-136.9
615^8
2.110.2
982^
283.5
864.5
11,542.2
- 1,401.8
- 687.8
834.1
1.868.3
708.8
377.7
332.3
3.413.4
855.1.
815.2
47.8
2.779.1-
. 897.2
666.0
2.182.3
26,246.0
53160.4
%
ol all
shore
Index
14.82
3.2B
1-40
3.08
0.61
4.43
a33
1.48
6.08
2.32
0.88
2.08
27.79
3J37
1.66
2.25
4J50
1.71
0-.91
0.80
6^2
2.06
2^0
an
6.69
2.16
1.60
5^8
63.20
9.54
m SHARE INDEX !
£8.0 lfl. 7
I 72.38 -|
30.662.4 f 72.81
30,206.4
72.74
i. GROUP (101) [
8.68U
j 21.70 ;
9,135.9
21.07
6.B42J
91.53
5L515.3
I 5 - 78 }
f 0.23 1-
2,631.9
6.01
2,476.3
5^6
Houses (S) ... i
88.5
. 126-3
aso
iiaa -
OJ»
chqse (Si • ... ... ’
38433
1 o-ei-.i
349.5
0.83
323J
■ a78
iLtfc) (ft) ^-- - ...
894.0 .
i «•=* t
; 5.04 i
: 807.1
21.08
. 9203 .
■a. aw
(Cowposiic) (S) ... ...i
1,677.4
X.695J
3.79
1,689.5
. 4 jn
(Brokers) (S) ...'
285.5
‘ 0.71 i
300.5
0.71
299.7
0.72
Hanba, lssqinu Houhps (IS)
-■088.2
; SJRDl
1,134.6
2.70
1.1269
2.71.
(29) ... .. :
1,966.9
i
1.BS9.0
.4.66
- 1,716.7
4.13
»QttS (1(») ... -
S3 W.
289.1
0.62.
271,1 f 0.65
.t Trust Group (50) --. 1
SLBll.O
2.3Z3.7 J
5.52 1
. ZJ3TT* l. 6,73
IE INDEX (661 SHARES) .
40U308.9
\ 1Q0 ;
42,099.0 J
100 |
1 41.0A6.1
100 -
41
stantia! institutional ,
funds available nwtf
developments
WHY BORROW MONEY
AT 14% IF YOU
CAN IJEASE-BACK AT 7%?
OWNER.. OCCUPIERS OF MODERN
- : INDUSTRIAL/ WAREHOUSE
• PROPERTIES ARE INVITED TO
CONTACT
17 DALSTON LANE, LONDON, E83DF
01-254-1281
Interior Finishes
The Manpen Group' of Companies undertake all forms of interior
finishes for Industrial, commercial and domestic buildings. Services
include acoustic ceiling. installation, decorative flooring and carpet-
ing, plastering, interior decor and office furnishings. We also under-
take roof lining in, industrial situations and laying of industrial floors.
Please write for descriptive leaflet of the Companies services to
Manpen Systems Limited, Manpen House. Ashton Lane, Sale,
Cheshire, M33 IWT, or Manpen Systems Limited, Manpen House,
2 Dartmouth Road, London, SE23 3XU. Telephone 061-973 8357 or
01-699 8895 respectively.
MERGER OR ASSOCIATION
Manufacturing Company is sought to form a close association
or merge with a progressive Private Company recently moved
to freehold premises in North West London, ope mile from ML
with up to 10,000 Sq.FL of surplus space, and adequate office
facilities. The Company sought should preferably be connected
with .precision engineering or associated with the leisure
industry with, If possible, some export connections.
Replies in the strictest confidence to;
HARRISON, SON, HELL AND CO.
Chartered Accountants
52 Gloucester Place. London W 1 H 4BB
Tel: 01-935 9296
Ref. 2/X.42.
-7S5? COMnSKciAffSBWffl m m vr m
CAPITAL ■ ■ ■ I
OR CONSTRICTION?
Before you decide upon facilities for your next project, consult the
professional advisers. Eric Gill and Geoff Randall are the acknowledged ■
experts in both provision and techniques of long term finance. Their
impartial advice can ensure your next funding arrangement is best
suited to your needs at all times and under a# circumstances.
Remember, when you borrow . . . get it right!
Contact Eric Gi» or Geoff Randall now at •
BB&iae MORTGAGE SERVICES LTD.
I House, 11/13 Crosswali, London EC3N 2101 Tel ; Q1 - 480 2050
Marsh Guaranty Company Limited
MJ
10 Park Place, St. James's Street, London SW1A1LP
Telephone: 01 -493 2706.
Chairman: Roger W. Marsh, MA. ACA
Licensed Dealers in Securities
INTRODUCTIONS IN THE PURCHASE AND SAlfi OF
BUSINESSES • PROCUREMENT OF FINANCE
WAREHOUSING IN THE MIDLANDS
Modem,' .dean 3 5 /WO sq. ft. single-srorey warehouse at
Wolverhampton has storage space available, ideally situated close
to all major trunk roads. We will efficiently store, stock-control.
“ pick & pack " or da tribute any type of merchandise competitively.
Telephone Mr. A. Wild (B1LSTON) 0902 44328 for fast action.
RUST AND CORROSION PREVENTATIVES
Distributor sought to ran die comtrietely new rang* of niportor rust and
corrosion pravenuiiNt. oartiCaUrly In the marine and oU -shore drilling
Industries- The products are folly devetoued and erabllxhed in America
opening the wav to a rawd entry into the valuable U-K. market.
Full deems tram Aiutencn Marketing A sso c i at e s Ltd..
153 High Street. Loodoo, 5. £.20
FUNDS AVAILABLE
by petrate indhndnal tor business expansion or any viable xcHone.
3 per cent, lowest phis reasonable profit panidpatloa-
minimun — e^OM
maximum — Eunjoo
Replies trcnled in strict confidence.
Write Sax EJ3U. Financial Times,. U. Cantmn Street, EC4P 4BY
EXCCUTTVE and prof, aosunta. all IwA
FiUad qiildcly UJt. Reoisrer ttcCl Ast.
179. High St. ronbnnge 073 22 67*73.
CORPORATE INVESTIGATIONS win <U»>
creuoo. Conftdenual pre-bid documents-
non. — JNfrl* son E-l2&O. F*ran^sl
, TIMt. .10, Cannon Strre:. EC«P 48T.
PROFESS lONALLT REGISTERED PERSONS
and mt aslnejuua esubUsned s
■rrv wnhng to expand their osuvities
berood theta- existing sphere anr
o Berea an interest in an untapped
market. Exclusive croc net eu«M dv
major national companies available _en | WANTED. Prober
leasing iM Without competition. Piwj,
TOP ply fun detail at background and j
personal e«v — W rue Box E-1Z42, ,
Financial Times. 10. Cannon Street.
SC4P uv.
SMALL HANDICRAFT BUSINESS estab-
lishod 21 years manutactainnB exclusne
ware maialv lor stores. IdaaJ for retired
or creative person or could be meor-
oerated into an exist, ng -wsiness, y.w.
Condon, — write Box £71300. Financial
Times. lO. Cannon Street. EC4P 4*V.
EQUITY PARTICIPATION invited in con-
sultancy with pione e ring work In man-
agement .-education; - -Anaomal - advice
and other participation welcome- —
Write BOX E-1312. Financial Times. 10.
Cannon Street. EC4P 4 BY.
Companies with dr
without his labilities or .other
businesses with property assets.— Write
Box E.1ZS*. Financial Times. 10.
Canoon Street. EC4P. 4BY. or Tel.
j 01-235 rt *3-
" Ltss sis 0 ; finance available. Dvoamic. forwana
Momt^Rot^WW JO l^^s. loofci no company is Mlilno to. Invest
man* 1 Miasianr.il amounts In undw-caMtallscd
ouien. Details amm ini. | ana lor «panding business la return
MAIL ORDER farms and Wholesalers wish. > tor eoulry pWjCIHHBb. Replies .In
log - to T5!fl "in 1 Japan should contact 1 strictest confidence. Write Box E.12H.
Unity and Co. -LtCU Otafcava — Edodorl | Financial Times. 10. Cannon Street
IC4P 4BY.
ROOFS, suiters:
Wttetora
walls
tanks.
Contact tbe WeHnoraoftng Experts.
“ w Road.
j-. n in Hoar. No- 79. S-chu
E donor i. NISOUKA Osaka. Japan. Cable
(norm osakanaitv. a graat opportunity i lcaat
to amwlod roar overseas | Sgffis end Betma Ltd.. Cleviland Hoi
BARGAIN. Limited Companies £36. , Wolverhampton. Tel- (OSOii 53215.
oi-pan I ..EM Financial Tloti. IQ. Cannon
IM ELECTRIC TYPEWRITERS, Sve£ ‘tEXTem . ^
-recon di i m ned and warranted by IBM. J
W HjJ. iSstr?. w. AOFONE, BUS I NEB SERVICE oOer Is
from 41^7 wkiy. R^NT — irom fclSJO Resent StreeL W.T. mall. telMhana.
pur mth. Phone Vertex 01-641 2385. J tele* and o«e services. Phone 01-734
9531. or write flsw 0^070. FTi
Tunes. 10. Cannon .Street. EC4P 48V.
FINANCIAL CONSULTANTS now 1»e to j
consider seme iresh prooosals. Firdisi
or Cnasmin reuaunnti additional r FUNDS
Funds . tor- uxpafislm or imuidity. An i development finance from 9ij% pi.
cOoMUbiM wtU cost. Ypa l Contact MARTLET PRICKfiTT * CO..
AVAILABLE. * Business
and
Contact Britain’s leading
finance consultants
PETER G. HIRSCH & GO. LTD.
15 Berkeley Street
London Wl.
Telephone 01-629 5051
Te!ex28374
Faced with the alternative of a product change
CLOTHING MANUFACTURER
is w illing to sell as a GOING CONCERN
A PRODUCTION UNIT
Apply for further details to Box E.1301, Financial
Times, 10 t Cannon Street, EC4P 4BY.
EXCELLENT
BUSINESS OPPORTUNITY
A large widely diversified public company is currently reviewing its
future policy with regard to one of its divisions.
Close consideration is being given to both expansion and divestment
projects and discussions .with interested companies — preferably ones
engaged In the builders’ merehant/retail stores line of business-—
would be welcome.
Enquiries in the first instance to Box E.1306, Financial Times, 10,
Cannon Street, EC4P 4BY.
PUBLISHER
seeks purchase tenders for weekly trade journal
with a budgeted annual revenue potential of £Jm.
We are unable to maximise this potential due to
present financial commitments.
Apply in the first instance to our consultants:
Mr. M. Yude, P.0. Box 27, Windsor House,
S3, Kingsway, London WC2B 6SD.
Confidentially...
aravertyoarddrtfflsinto
cawiaCT‘-C^nfidentia! Invoice Discounting Ltd
P.Q&OX400 Brighton BNJ4HI Phone: 0273 66709
FIRMS WISHING TO RECRUIT . . .
MANAGING DIRECTORS
FINANCIAL CONTROLLERS
MARKETING DIRECTORS
COMPANY SECRETARIES *
GENERAL MANAGERS
iro invind to canon Thu Exocutiva
Placement Centra.
Wa ara in touch with some very
talented exicatlvei who, whilst happy
In their present jobs and doing well,
would be prepared to consider a mow*
should a suitable opportunity occur.
We can provide a short-list rapidly,
without the need to advertise, and
without any fee unless a job appoint-
ment is made. For further informa-
tion, contact Richard Butterfield in
complete confidence.
THE EXECUTIVE PLACEMENT CENTRE
Nether Hall, Hoyden. Essex CM 19 5Jt».
Tel: Roydon (STD 027 979) 2323
RELIANCE
[COMPUTER BROKERS'
307 Western Bank Sheffield
SKI 2U Tfel : 0742 79061
AVAILABLE ON LEASE
IBM 360/25
Configuration.
Delivery — Spring '74'.
.. also other IBM
configuration for sale.
Art
NEW!
PROPERTY BARGAINS
IN EUROPE !
Shop parade in Bmselsf Holiday
homes in the South of -Fran&l
High-yield offices in Frankfurt) If
you know where to look there are
real opportunities in Europe . . . far,
far from Phase Twol The new
European Property Letter tells just
where to find them, explains how
to operate abroad, even h^w to
locate the finance. Free trial ...
details from
Dept. IFF,
Eoropean Property Letter
* Upper James Street,
London, W.T.
JOINERY AND METALWORKING CONTRACTS
OR COMPANY REQUIRED
A Quoted Company in the South of England has spare capacity in its
joinery and metal work manufacturing division. The Company would
be interested in taking on long term contract work or acquiring an
organisation operating in similar fields and having a turnover in
excess of £500,000 per annum.
Write, giving full, details to
F. A. Harding, Esq., Thomson 'McLintock & Co. 70 Finsbury
Pavement, London EC2A 1SX.
MULTINATIONAL BUSINESS DEVELOPMENT ADVISERS
AJ».L — PARIS
34 RUE WASHINGTON, 75098 PARIS. TEL. 225.93.01+.
MARKETING : Market research, distribution-sales, public
relations and advertising strategy, practical
implementations
DIVERSIFICATION : research complementary products, analysis.
negotiations, fair and exhibition service.
■ Germany — Italy — Spam — and -South America
« Shell” For Sale
For Sale, controlling Interest (65%) h) ex Plantation Company with
suspended quotation (suspended March 1972 for re-organisation).
Now clean and ready for. suha bid injection.
Assets all cash -(approximately £35,000) premium required £17.500
over assets. , " .
Write Box E.1305. Financial Times. 10, Cannon 5treet. EC4P 4 BY
f FINANCES JfpR U.K.
OVERSEAS AVAILABLE
•’ ~ No Celling
Against'.
. Adequate Securities.
•‘Strict- Confidence Observed.
Overseas Enquiries Minimum.
S50fl.000.00 U^.
Blofield Investment
and Finance LtcL,
7, St. Gregory's Alley, .
Norwich NOR 05H.‘
Tel: 610963-618326.
Aceoc. Co: T. C Andrews A Co Ltd.
FOR SALE
MANUFACTURER OF METAL
ENVIRONMENTAL PRODUCT5
(EASTERN CANADA)
Wall unhlhhed, well located, rapidly
expanding Company.
• Sain S&;0C8,OO0.tm •
• Net Earn inn After Taxes _
S3 80,000.00
• Unlimited Growth and cxpaniion
Potential
• Management to remain
Saaks do be acquired by well rated
Corporation. Inquiries will be treated
In strict confidence. Further informa-
tion on request. Please reply to:—
Box E.I309. Financial Times, 10,
Cannon Street, EC4P 4BT.
Required in dw UJt. and throughout
the world,- agents and promotional -
Companies eo soil and promote the
New Telephone Hygiene Tissue
revolt
This
new revolutionary method of afford,
ing on hand continuous telephone
hygiene outweighs all 'other' methods
S ..I ti low eosr. factor,
oxe' contact: ■ ..
He. D. de St- Anfa t n. ■
• Kinaging Director,
THE OMB-FOR-ONE TISSUE UNITED,
TVs Telephone Ckamlng Company,
Pfa iw r e Industrial Estate,
Pfaonore Avenue, Letdfwwrth, Herts.
' Letdtworth 73722/3.
WANTED
Substantial stake In small publicly
qqoted Company lor cash. Would
prefer _ Company with assets, profits
not essential. Please write In confi-
dence to: 8o x E.13U2.--' Financial
Times, so. Cannon Street, EC*P *BY.
PUBLISHING OPPORTUNITY
Established pabUstaer Invites partner, in
launch next month of monthly maoa-
Unt In booming leisure field. Space
bookings a ad print onler exceed
planned expectations, so that initial
investment required has escalated.
Write Box E.1303. Financial Times.
lO. Cannon Street. ECXP 4BY.
. PRECISION MECHANICAL
ENGINEERING WORKS
North Surrey employing lop class
Managerial and Works Directors,
excellent miodle management and h.gh
.standard traltsmyn totalling approxi-
mately 75 person t together with
com Mt IfllE plant, machinery and fiouip-
mant. modem 22.500 so. ft. factory
and □ Ifices 'advantageously leased, for
sale L S end B. ideal lor expanding
company requiring skilled oersonncl and
capacity by planned Shedding certain
current profitable contracts. Write
Managlni . Dnectef. Box E.1270.
Financial Times . 10- Cannon Street.
" EC4P 4BV.
SMALL BUSINESS FINANCE
A COMPLETE FINANCIAL SERVICE
* Expansion and Venture Capital
* Bridging Finance
-* Equity and Loan Capital
* invoice Discounting Facilities
CREDIT CAPITAL HOLDINGS
LIMITED
(Members of the Association of Stock
and Share Dealers)
MERCHANT BANKERS
London Correspondent Office,
1. The Manor. Davies 5;., Mayfair,
London. W.l. 01-499 3571.
JAPANESE! BUYERS
Have' oeafer been more eager _to buv
U-K. ■ quality Industrial and oonigmar
products. . . | l. .. -
A. -forthcoming visit ■ meaiu tnat we
can help 'your company to' break into
that t booming 1 -yparket' now! " •
Coataet Strand Marketing 01-734-5352
U.S.A.
U.K. based U3. consultant wj(|
undertake projects for joint
ventures, acquisitions, divest-
ments. -
Departs ''for . U.S. Nov. i9th.
. V.-.A- Garone, Coortiands, Rock-
field Road, Oxted, Silrrey. . Teh
Oxtpd 4504.
Mtc 1 anus ^ j iC
UwTftoh-Wl Time*. 10. OUM»b| ^ '
Stmt. EOW. 4BV. I IRAN — Businessman <
OWLV BJWHaWWCSD. merchant (wa- :
— tlaor odery service* n buyioc JSftn j “ ll ; “SSSSS
Kora- Resident u> (Re mfirteet' £?« E_!S ¥eB yf?2 a
14 yean and enwylng exCriteo; , ■ lord. Lmcs. 2214.
"SStSSS cases cropt is
for
tbnMdlOM _ _
M textiles, garments. . un. footwear
etc. AvalUble for- .:imnim U41. bow
—Write Sox £.*287, Financial Times.
ID. CaoDPOq Stmt. BC4F aev.
tact*, will undertake rimitbnate uunmlv
uons. Tetepiwoq stam-
«SANOFACnlRINC>y Start or Wprhlno
Csomt' Reieaso Can by factoring
ixvnicn. Teteobone fan* Mosewy. OBI-
834 4714.
. . .963 from private cel-
lar. lying In Londoh. £58.00. no VAT.
01-935 0545,
AUSTRALIA- id aN with extensive finsiv-
esperlvnce- Wsitipg
Sv*»y end of .October, would undertake
lomnvss'ooc. Wrltat J»o>r E.1304. Fimn-
wl Times, 10. Camion street. EC4J»
FOR SALE
Important U3. company llsiad on N-Y.
Stock , Exchange. Asking once
S70 mlHifan. Replv toe
The Chelnneh
WORLDWIDE FINANCE LTD.
520 Regent Street. London W1R 5AD
HAMBURG
MERCHANT BANKERS -
with fiifl stock exchange licence
seek active or sleeping partners
with business connections. Please
contact Box No.- E.I3I3, Fin-
ancial Times, 10. Cannon Street
EC4P 4BT.
l. - ■
• t
PROPERTY COMPANY
with substantial funds invltti commer-
cial and Indunrlel development pro-
position in du> U.K. and Europe.
Flexible and excel lent financial
.recognition. Quick decisions and
action .with view to long-term
association.- Meaao write Box E.II92.
v ^" im *** ■ Cannon Street.
cVw4 r ■ 4&Y •
FINANCE
ALL TYPES. Ol finance availed- for
.any viable proposition, to: Jarge Com-
panies or the smaller tvpc tamily busi-
ness. We guarantee confidential and
efficient servici. Extremely wmoet.llve
rates, up ot 15 "rears ro Payment.
Immdutr decisions-. Qircn— -Teleph jne
or write: SUTTON ASSURANCE CON-
SULTANTS. 17 YORK ROAD ERD-
INGTON. BIRMINGHAM B23 GTE.
SHtPPiftG •
If you are buying, a ship or already
opentliw small need skilled
UCimicaJ advice Including world-wide
pre-purchase inspection contact U.K.
International Consulting Marine Sur-
«J»*i tele* 42962. or write Box
E-0&07, Financial Tim a, lfl. Cannon
Street. EG4P 4BT.
Italy
IMPORTAIff TEXTILE INDUSTRY
tituated in the Milan area wishes to
take over SOLE REPRESENTATION in
inly for manufacturers/exporters of
CAEASr WOOL.
Pfecse write to Bex E.T307, Financial
Tuan. 10. Cannon Street. EC4P «B/.
; PUBLIC COMPANY
,Contalriilqg' Interest fiyoflphle .to infr
. awe - Privertr com petty seeking Quota-
tion- Tull details In writing to-
ROCKWAY SECURITIES
LIMITED,
B6 Cannon Street, London EC4N 5HV
SOUTH AMERICA
Loodoo cbmpahy exporting /importing
from South America— turnover rapidly
ineraating to -very high figures, require
further capital amounting CO at lent
six figures will shew ■ very lucrative
return. Advertiiers would negotiate
with principals only.
Write B ox E.M91. Rrwnewti Timex.
TO, Cannon 5treoi. EC4P 4BY.
i
• r V4*
The Financial Times Tuesday Octobe -_V1^
IS a ?.
i i *
gams m
GY OUR WALL STREET CORRESPONDENT
STOCKS generally scored small ATHFP MARKETS
rains on Wall Street to-day, but w,ntlt IWMKfVt l 9
a handful of “Glamour" issues,
and some stocks with adverse cor- ^ j i • s_
porate news, fell sharply. V-SOSuS fllgllCr
The Dow .Tones Industrial Prices rose sharply in model
Average closed 1.73 ahead at trading on Canadian markets :
JM3.S5 after being 0.52 down at one tertfay. Industrials added I
NEW YORK, OcL t
Sterling showed little' change on was the swing .back to ®^estly FOREIGN EXCHANGE.-
ba/ance against the US. dollar -or Wjm ^rtnln artSity. hJJ" o-t. i Sank—
against major currencies in 1 ■" e from the news of the w7l Bate «»** ;
MAiifniwiriii 'ru* nAKuri’e v . * . . _ m r*...;.. nn "i. -prea.1
showing the sharpest losses. Carre- firmer in rather active trading. DM319 3. Electricals gained up to P 3«i- relaiatl0n of , M mnwraents -■
four yielded Frs.100 to Frs.2,806. Some issues rose sharply on DM2.50. Banks improved by up foreign exchange ■ New .y or t
Thompson Brandt Frs^.fi to selective buvins and ChemirnE to dmi. .]^!5S“? with the freeing of &»*»“» Montreal.
Thompson Brandt Frs^.fi to selective buying and Chemicals to DM1. 6 Z«J« e . nf T«S‘ With tne , *«?"« - lu Montreal.
Frs.255.2 and Rhone Poulenc advanced well fuelled by active nn the Bond market losses nre- 9^i7 Bncr A K r ®f ment P f r 1 ecfim ~S, f ’ from daily-balancing and ine era ^mat-dam
Frs.5.5 to M3BJL Moulinex, demand. £* powerment of the notional bank jBmseta.
to selective
lg and Chemicals to DMl.
Moulinex, demand.
S Jb =- s masses SESsl-- 5 m k
Average ciosea l.id aneao "‘'urn,; wiuiuniaii eroimd - tion of hi»h uwwsw iuh«. terms of the dollar, sterling rose f Q rei"n deposits tKdSV
JH3.&3 after being 0.52 down at one »*«{. Ind^trmls added fl.82 _ ElMlrica]s gaine[i ? t iS5L& h |he ^SS tiSl^ aniSSS ^AMSTMOA^HooBovena added on balance lb $2.4140-2.4130. from a S\min£ of international cur- *§£*;;;;
point during the morning. The to «6.12 Western Oils 0.80 to 1 “ tn^r^iTsLRoch said U analysis FlsJ t0 fis.eo while Unilever lost the previous 82.4132-2.4137. Con- renevtension following the Inter- SstoTT— -
NYSE All Common Index hashed -M.lb and | ase Met J ls ^ }® 8ave sround in better Glass- The 2 per cent negative Flil to FlsT20 m irregular Dutch ctitions were quiet more or less natSiial Monetary Fund meeting Aw--
» cents idtnvn i at 638.42. a rewverj iob.88. but Golds slid lo.oi to m;ikers and UCB £eU to interest raw on Swiss Franc ^i-nationals. throughout, in spite of the further may have contributed [to the fall Sfcwkn lm
From its earlier position do p ' B j _ ri «<, 8 ro 1S1 Frs^.lSa in improved Chemicals, foreign deposits was reported sus- Plantations showed no trend, fall in the price of gold, which in gold, but business in the metal v
<*0^. andfenfcfnfiB to*fflSL tat GB Enterprises and Viellle Mon- pendbd until further notice. but Shippings weakened. • lost SL25 an ounce on balance in was only moderate. ■ Tbe morning z £g£.:.„
" ,n ' , * rar - nr and 630,55 066 to *" S,jL bUt ' - ----- Financials and Insurances were Banks generally gave ground, the London market to 897-9850, fistng was at £9850 f40.837). and - - ---
cents.
Turnover was moderate at
73.S5n]. shares — 170.000 down on
Frida Vs level — while advances
Utilities gave up 0.05 to 14350. taspe also cased.
No ran da Mines “A” gained SI J Petrofina dipped
7u2.ai00-.U50 2--
fil* 2.4223-. «6S «•
fi!.. o.JB-13
ei» J3.S0-B9.20 9
B ' ls.76-.Si
7 5.BI-.5-*
5f- E6.00-S7.OD
6 146 70-157.70 li
Hi- 1.506- 1.36 J I
4U I5.l0-.56 t
1 1 10.22- -2b 1
5 I0.l2-.I6 1
7 eiS-fctt
Si- 52.9WS.E0
4l*. 7.2B--i2 •
Friday’s le y e ™.'L 1 !® at S-iSl, Svsiems Dimensions sis Frs.7^60 on profit-taking. Rueckversicherung lEearen and generally firmer Insurances,
oum umbered declines tHa-io-ooo. ^ B1 - ; gn ' d Dome petroleum 811 Imperial OH and Inco gamed, Zuerichversichernng (Registered). Dutch locals were im
Bonds moved lower on the feel- >t S3SJ bul Mcintj're Porcupine but Golds were lower. In Engineerings Brown Boverl mixed with gains for HUH, 1
irrj that the recent down warn wns off - at ?32 i ATENNA — Tended easier, with added SwJTs.10 to SwJrs.i.OiV). ken and Owgrinten while
Financials and Insurances were Banks generally gave grouna me umaon marKer to wz-mojiu, tjsing was at issju i4u.so< », *»»“ _ n^nnis a Bank
Frs.110 to led higher by Arto, Hektrowatt. but Ennia rose 10 guilders in and at one stage in the early the .afternoon ax $06.75 (£40AD2>. 7 hair's pw»
iiiovl- in yields may have Been Paris — Easier with investors buying interest minimal. GERMANY — The Market opened continued its downtrend. Helping • to quieten d e a l i n gs m
somewhat overdorc. anxious about the industrial OSLO — Insurances well main - easier but recovered in some MILAN— Higher over a broad
Avon Products, which was climate following partial rail tained. Otherwise quiet. sectors to dose with no dear front in fairly active trading,
delayed in opening by a trading strikes. COPENHAGEN — Generally trend. in leadin'- Industrials Flat rose irvcuuMr-r ranee «*- rro
i:illrix\ was pushed down hard All sectors were affected with easie r in moderate dealings. Among Motors BMW lost DM2 an lire to ^450 lire Montedison CROSS-RATES
when it finally opened shortly Buildings, Foods and Electricals SWITZERLAND — Generally to DM241 and Daimler DM42. to 1275 lire to*S23 lire Anle 42 lire
after cosmetic com- to 1,14? Ur* aHF ', Uta ^ 1 ^ j *
res. afternoon touched 595-96.50. The New sovereigns ended at 8SS29. ruble franc: dnsuu
- * — w„, ...^Kicu;. VPW n .UWI3 irregular dollar was itself little changed and old at $3526. while double 9^*9. 13 1 - Kmc
ver. In Engineerings Brown Boverl mixed with gains for HUH. Heine- against major currencies as a Eagles were at $171.174 . single, at is o
d easier, with added Sw.Frs.10 to SwTrs.i.OA). ken and Owgrinten whUe IHC whole. _ $83-86, and half at SS3-56. with 20-
- * — j — j i — J . Helping • to quieten dealings mark pieces at $42 J-44J.
1 Frankturt -Mew YotV
i^mdoa Moutwliiiij Zu nob-
ivmy's .-nock plunged S8 to 802
:<ftcr :i Ha: third quarter earnings _ „„
projection. ifSCllCGS
Avon said it has experienced a
slowdown in sales gains sinre late NEW YORK
in the second quarter, and sales D qw IQNES AVERAGES
in the third quarter have con- * — : : —
rinued to be disappointing. It Home Tnus*- Inrtns : Dmi. TnuHm
expected net earnings for the nine cicwBondil pen ; • * .rohnne 1
months to be up about S per cent. I ; ! • oora
Heavily traded MGIC Investment — ' j |
dropped to $52}. with big 1 ■jz.ve « 179.&S 9«.^ 35 1CS.7E , is^iM
block volume accounting for most w. ril ; ; 1
STANDARD AND POORS
U2. STOCK INDICE5
MELBOURNE YIELDS
A* K* viei.J i'U oj St-pl- . 1
•Ind. OnL tComposUel
Home j Truss- I ml os ! DMl. TcwUne
Boad* part j • * .rolome*
I * ! . OOCTb
of the turnover of more than 23
r.00.000 shares. “j.
Coastal Slates Gas. also active. ^
fell 4>J to $10} — it has agreed with w
the Securities and Exchange Com- si
72A3 ' 176.96 1 947.10.103.00. 16.300
72.S7 ! 176.66 i 953^7: 103.97 i 23.WO
.72.84 1 176.49 • 949.61* 102^2 . 2L130
72. 56 174.37 ; W0.S6! 101.43 21^30
7254 ' 173.751 956.71! 10L13 I 19.460
72.18 1 172.47 ! 027.90' 100.65 ( 25,760
miuirin nn thfi Sfilpction of SIX m„ 72.02 ! 27C‘J]7 < 93J.53 W.73 1 2&«9G0
d"™”or?‘rof ^Bo.rd « g ;;; JgS ggi &S
pan of the terras of a recent con- n ... 71.96 162.67! ess.® 1 98.B0 1 15.100
sent decree signed by Coastal M ... 71.97 ' 163.57 886A6] 88.45 . u.tcu
.Slates and the. SEC relating to a {£ -•' ; mg | 880.57; ^-™!
■it-il onrrmlaint hv thp ^ 72-Gb 160.05 88L^i 98.96, 12(040
uvrl complaint niea dj tne jsis leojc' B85.76 . bu. 16 i laeao
commission. !_i ;
FN>L by Tar the most active 1313
stock, rose Si to $23 on 1.15m. H| K ( > “VV 0 : 1 %?? . Z
.shares, the bulk of which involved ^ Vi at! isf 97 ! ail so mm' -
a block of 945.600 shares at $23. ^ S?! gjf -{JS. -
Parker Pen gained $2J to $21? iAii-drae wkh cn.'ss'trhyrat.
afier reporting sharply higher per <*’ All-time birt uaas i 120/4/6SJ.
share quarterly earnings. r Bxriuilios Uouds.
Exxon Corp* picked up $1J to IND. DIVIDEND YIELD P-c.
S:i4’. National Semi-Conductor , 7 '
S2J to S171J. Zapata Corp. $2 3 to *°°* 1 a “ 4 * 1 •* aevt.29.L7:
$27; ^nd Pullman Inc. S3J to $82 J. — — — —
West Point -Pep perell added $1 to 5 1 . 56 3 - 63 ■ 3-243 —
Oct. I 121-70
SejiL 2S 121 53
,. 27 122138
„ 26 122.15
„ 25 121.30
24 120.52
21 120.38
.. 20 119.93
1873 Hist 134.02
* 425 Industrials. 1 425 Industrials. 50
UtiliUeB, 25 Rails.
STOCK AND BOND YIELDS
ScpcSiScpL 3 9 Sept. 27
1872
£.77
£.83
£.37
1».6T
U.£S
19.41
5-SC
6.09
S.70
rltic ! u±nsi —
H All-rime'blsb 2rB.'88't7hy»».
4* All-time high 16X22 IZ0/4/6SJ.
r Exdudlns bonds.
Ind. Ont yield pc ..
Ind. Ord. p c ratio .
Long-term Dqvl Bds.
Pt;
MONDAY'S ACTIVE STOCKS
Change
Slocks OKing on
traded price day
Srfl . - Fed. Nat. Mte- ... 1,1MJ!00 23 +i
■fnfmx Coastal States Caa 464.300 103 -1
dTajss) Me id. Inv 321,700 S21 -32
Avon Products 233.000 92 — S
1 Occidental Pirim.... 141.300 iii +5
p.c. Nat. Gen. 111^00 311 +2
First Charter ldiljOO 20 — j
aeot. S3 1072 Am*r. TeL and TeL 90.500 5U -2
Boise Cascade 81.108 16i +J
Addressoaxapb-M. . 90,200 172 +12
a.26
“P-! “T
Loading Stocks 20 O'. 6
On Dividends.. ... 5.28 1 6.22 I 4.90
On Eunlotv B.B2 • 6.87 ! 8.16
SYDNEY ALL ORD. INDEX
| Uct. 1 16 Hi«l ii-i 7 I Low 1271
ic> 147CKZB , z57.?f IS 1 j 469.46
HONG KONG INDEX*
Oct 1 ; M|«. i3 d>«u wis | low i»t>
513.57 ' 532.90 1.774.96! 494.60
. .9f3i ll/i
SINGAPORE INDEX §
Out. I ■ K,... .b iii-u l-J:i Luor 1?/ ■
TOKYO NEW SE INDEXt
Base- mo January 4. 136S.
IVt. 1 -".wi. £9 Div” * j it?
347^5.349.39 U.9U i 2^
422.43 134/11 34001(25/41
■ 83 lire to 2,617 lire. Both Pirelli rrankfort — •; 2.415414 i f6.7&66 i 6.b4^5 1 3.222 >32
I and Olivetti, Generate IxtunoMUare H.York- I 4i^o-a2 — 25.61-65 2.707-Tll i 2.4145-42
in Properties, Bastogi and La Fu.ria <c). 17 ob6:ij 5 W5«W55 ( — ,ii. 605^555 J L'.Kj . 6^
Cenlrale in Financials, Medio- 1
36.88 96 I B. 87-71 I - ! 69.05-23 | 14^59-63 j le. 1B-K3
9 lllJlli ! If> ' »»■! UKU. S07JK I 7 9+I-SU
£ Cb, Londm- 5-Wi-bil i 2A14-41& • IO^i-33: 68.9515 - : 6-074
nanca in Banks ana Assicurazioni ] Amsi dm 104.6*48 1 2J5o-t32 ee^s; : 6.s6i«6 s.ioj-iii | -
Generali
improved.
Insurances also | Zorich ...| 126.55 46 j 3x214.24 j 71.1&40
AUSTRALIA c,„ t ( UJS.'S In UenttceJ 1^X>60L0062 Canadian 3 in New. York X994&6S.
* By St ®f. k |«4-3S; Sterling in Milan 135L3&. - W) ComnicrdaL •Pnavaflable.
Exchange was closed for a public '
holiday yesterday and trading
at Melbourne was slow. Prices
closed generally lower. EURQ-CURHO
BEEP moved up to $A7.40. after
half an hour but la ter slipped back o*. i ^ j ateriln ^
to 8A7.3o for an overall gain of
i cents. fSbort-teem _ 121^-13 10Sg-111,
Turnover was low and price » .lay 1 * noclod ~ 10^-111^
moves were mostly snialL In MonUi UrVi*!& iom-iiu
Mines, Oils and Industrials, fails Th«e months.) wji-iB,;,- ra*»-ie*
outnumbered rises. Scs-ruonaui „ |4i a ui a I 954-1014
Une-year .... | 13se-13S^ | b 14 8*4
EURO-CURRENCY INTEREST RATES O
Dutolt
guild en
12-14
IO !<■
VV. Gemma I
martt
OTHER MARKET RAT
Aroantlnai* I I.9B-12. 10 ?No» H»t
AlWRaUa .1 (.8145-1.6293. Aigenuoa
BrazU ' 14.70 14.90 Aussna™.
Finland— B.948.95 :Uelc1am«
wtotnj Zurwti-"' g-g-; «*g '&Z
I 139.9-40.1 N^lmid:L||59l.|«9^.-.
U3 i 19 Bliici»pc»re 5.636a 5.5665 Italy.... —
M 1 7^50} S.aSEiL. IJIOI-IJaMJap-iu-.-
■* l . Ttbrl nd>
on o I Canada — jpaln......
CSI = G^. -jw'trTnd
UA S in Milan LVnt . . 99.48 -99.43 'U.L..—--
■f Based on rates quoted by
dealers. Other rates may be QJJ
where- (ssiSeWns price.
pale. Financial rate 21Sfl-2IOO.
FORWARD RATES
— | Cue Month , "Tii rw
e.07-0S 7^9i-S0J
- ; 83.4i^:
119.9-20.2 ; —
EUROPE
. Frvr-
{ Oct. 1 ! sous
1073 i 187J
High ! Low
West Poinl -Pep perell added $1 to 3 \ 8 ® 3,63 ■ 3-ga
^25-. on hrgher quarterly earnings. N.Y. SE ALL COMMON INDEX TORONTO
J. P. Morgan, though, dropped pecgmiwr at, 1M5-5Q.
S2’ ;r. S66A, Superior Oil ^ to , *»7i «luu. Kn. Tliur». Wed. Tuw. INDUSTRIAL INI
8256. Mert-h and Co. SI} to S80S. TTTT T7^ 7T^ 7irw , '5la pcl - 1 s,;pL 29 « 19
and l r pjohn S2I to $83} xd. mV: , ; ! M 58-BO 6B.67 58.2s
BaLg'mlnii LSl.ol • 131.55 ' 142.331 1SJ.11
! . (2&S)I QiU
Daonrtk^' L21-53 > 184.19 ■ 128.96 | 133.28
I tuva rfv?i
pranMf»J c-M ; 36.4 ■ S8J» I 79J
, Unchanged
945 S 55 3 16 INDUSTRIAL INDEX
. Mull. i Fri. Tlinrv Vwl. iTunm. Ocl. I Sept. 3S 1973 High 1973 Lot-
256JH 256.03 238.03 tlS/9> 306.83 » 22.^1
56 - 53 ! 81 64 • 65
3 5 4 1 4 b COMBINED INDEX
IN SE MARKET VALUE 3M.71 236.07 240.25 206kl iZ!/31
S256. Mereh and Co 31} to S80S.
and I piohn S2J to $83} xd. ,u J !
Du Ponl rose $2} to $I85J * ND FALLS
among Chemicals. Motors pointed n^-„ — lin^hnn^ d.
sii-htly lower. ^ ^53 no
Prices advanced in moderate Fri. Than WedTTiw.
tradinc. on the American block — .
Exchange, where the Index rose .\*«i High* 55 : 53 : 81 ( 64 ; 65
0.32 to 103.73. Gains led losses - _ l ^ ir ' 1 s _ 4 4 8
4+4 to 3-3!) in a turnover of 2.74m. AMERICAN SE MARKET VALUE
shares— 310,000 less than on INDEX
Friday. Storting base 1M Aug- 31. 1973.
Among the actives. Buttes Gas 1975 ; Mon. Pn. Thmv :Tnea.
and Oil climbed $2 to $28}. Men- SJFjJi ifS
denco S2J to S131, Vales Industries SEfftS m - n 1B5 - 41 ’®.47, 1D5.60.1M.E5
$1} to $215. hnd Crystal OU 81} *%2f. . I !
to $16J. i000'4) i 2.740 ' 2.450 1 5,029 1 5.755 I 3.725
! INDUSTRIAL INDEX PrUMM'M) c-.7 ; 36.4 • 88Ji j tbj
j Oct. 1 Sept. 29 19T= High 1973 Low v ! 9, fi7 ! JjKS. I
1225.12 225410 252.S0 112/1 1 202^43 1 22/37 Bertnany. , 9L9r 9L67 ( UM1 SLEU
uAtiTM-Ai H(d3and<«i 1«.? l«-8 i 17L8 ; 1406*
MONTREAL : cwm, ; &&
ltalyT— ■' 119-38 I 117.81 14fJ2b ai^a
INDUSTRIAL INDEX . jWi ! iWrta
Ocl. I ScpL 2S 1973 High 1973 Low 8wedeay; 366.56 | M6.73 : 3B9.B4 1 JWJb
»* ** **•»“ ““•»* 370.5 : HU : Si i SB
COMBINED INDEX * ' '• '* in ’ : -*i-
1 Sver was ,ow an, ^ * 1 #^ « ' BBH 5 W 5 * | if It 1 tS W
moves were mostly smalL In aiomb -„.-J Urvi*!& lou-iiu 8/ r 5h; Uis isu 4is-4s 4 4i4-*i a tt*S "-?AiV. pi L ; 2B o.*
Mines, Oils and Industrials, falls three months.) wj^-is,;,- iot«-i9>* sii-Sij loss-liig 6W-6*s JA-fiiv- OnMati'a'* 3 »n p«i-c*nr fur s
outnumbered rises. jUx-mooBu. -i Mi, wi 3 I (r ;a -9i 8 b7 a -ioi 8 67 a -7i a 6,^-6* SSSrii 6-aTi P ™ 13 -i:
Western Mining, in Mines, Un ^ yeMr ---l J-j 1 ■*»!. — ^5 V***. pSZLr 2 ^,
S™Ja 3 r M * Lonc^erm certificate rates os follows: two years «}-B| per cent: three years o*Jo?‘ .7 ^ 17 1 - l-i
Poseidon .was unchanged. Great 34-9; per cent.: four years 93 ig- 95>£ per cent.: and Jive years 9J-91 per ccol 4.1. .pm 10-7 i-
Boulder eased 2 cents to 63 cents. The following Dominai rotes were quoted lor Loudon dollar cernitcates or deposit: suvjtb'iiniai-'-ei-’ ore pm 21,-19
MIM Holdings added 2 cents to ow m<mlh 10 Ui«-109m per cent.: three months UMOi per ccnr.: six toonOis 10KLD V i ena « l»iwi -"m. oru iSu-o-
SA2.33 but Bougainville dropped 1,61 Zuneh. ~:*7i 2 61- c. »m n i5
ry . , tiwitww u-n v Rates are nominal cJostng rates.
“ c ®° ts 10 firoKen tun t Short-term rates are cal] for sterling, UJS. dollar and Canadian dollars are Six-month forward doUjr
South rose 5 cents to 8A2.06. nro days' notice far guilders, marks and Suds francs. »pm and 13-m onth 9.G0-9.5U c.
In listless Oils. Ampol Explora-
tion and Woodslde Bn rmah were ^ ___
unchanged. • " •
Herald moved up 5 cents to
3A3.45 in Industrials while Fairfax dealers cautious about the econo- dividend payments in the near to 8HK27.10 on its local .
dropped 5 cents to $A2^5 from mic outlook. Volume totalled future, but closed only Y1 tip at and 60 cents to £25.90 on ;
its last recorded sale. 130m. shares (120m. on Friday). Y13JL don register. China Light
Breweries, with the exception Printings- Paper-pulps and Inks Speculative interest in Atsngf SHK2 to SHK3S. Hong
of Tooths which slipped 4 cents were higher at the start, follow- Nylon, pushed it up Y23 to Y2I3, Kowloon Wharf 8HK1 to $1
to SA2JS9, were generally better, mg a week-end statement by and Iseki NoM added Y5 to YI82. and Janline SHK+.50 to Si *1
Among Banks, the Wales eased Trade Minister Yasuhiro Nakasone Nippon Steel closed Off Y5 to JOHANNESBURG — Ex ’
4 cents to SA6.70. while the in favour of giving the Yen a new Y163, Hitachi Y6 to Y210, and quiet again, with Gold>
National finned a cent denomination, making one New Toshiba Y5 to Y145. Vaal Reefs and Durban
SINGAPORE — Prices firmed as equal to 100 old Yen. Synthetic Textiles were also slipped 50 cents to Re-
tracting increased and closed with Oji Paper gained Y6 to Y365, lower, with Toray losing Y5 to R0.6O respectively
many issues showing gains of Housbn Paper Y8 to Y233, Dal Y225. Platinums were quiet. ¥
20 cents' or more. Turnover Nippon Ink Y5 to Y1S6, Toppan HONG KONG — Prices eased lost 5 cents to Ro 35
totalled 2.78m. shares. Printing Yfr to Y287 and Kyodo over a broad front with most Financials followed pro
TOKYO— Prices gained initi- Printing Y16 to Y17L closing at the day’s lowest leveL with JCI down 25 cents at
: ally in anticipation of a rally, but Shown Denko was in demand Turnover was $HKl3.64m. Union Corporation r 'amcd
later eased in dull trading with on rumours that it may resume Hong Kong Bank 'lost 60 cents at R5 45 0
quiet. ¥
R3.35.
Hong Kong Bank 'lost 60 cents at R5.45.
Starring base IW Aug- 31. 197X
I9& ; Mon. Fri. IThuri' IV^d. ITneu.
JOHANNESBURG
Ocl. 1 Sept, 2S High
Industrials ... 247.0 247.4 292.1
(1935=100.1 Source: Hand Daily MaU.
(12/1) 206 S3 122/51 • Hwstau Index Ban Dec. at, 1959.
t Base 100 Jan. S, 1973. “ Swiss Bank GERMANY ♦
SlipC Corporation Index base 1M Dec, 1968.
BUKU to closed. ImS Base 1963. lot Base
CPL. 2S High Low 100 1963. ip> Base Dec. 29. 1956. <bb)
247.4 292.1 246S Paris Bouse Committee, base 109 tod
<14DTT> (27,B) ((DBase 100 January 1. 1973. TBase 100
204.4 2377 1234 Jan. 4, 1968. 4. Hang Seng Bank, base
(6«’1> no/ 4> 100 July 31. 1964. 5 Straits Times JBdus.
Rand Daily Mail. trial, base 100 19&S.
AMSTERDAM
1 Price
+ «r Dir.
vw.
Oct. 1
1 Fla.
-1
~ *
JL
AUSTRALIA
COPENHAGEN
OVERSEAS SHARE INFORMATION
MEW YORK I ' V- i "tf I stMk in I 6 ‘
Bays Hvyp. — — |
Investment S premium based on fi^ orV S? n ? k “i
S2.60 per fl — 31}% (333%). Con- gSoStli
version factor 0.8163 (0.8068).
294 80
397 +4 80
166 +1 1 17
S3 1 + 1 | -
319.3-4.2 18
) 20 2.5 oounnuotri.iu|
' 17 h.l KImtwCFL SD)_
■ _ _ KiuoComlMtfUOl
18 S.8 GtetBweedeF110|
Demw* I ff? I—® _ i»**7 1 1
.Vni* Markets....) Z3ia
A<l(lre**ogt»t'b .... 174+
.Vlobe. 1 1
Aetna Life 4. Cas., 77^2
Air rroducts : 49Sa
Alien 131 a
A d Alumi niuin- 37
A.LC.O.A 1 73ie
Allegheny /.ud... 29i a
AlU-jbeity l*nwer ZQ4 b
A l[ie>l Cbcriiical.. 39lj
Allied Plnre> , 27
Alii" Ciialioere... 127g
231- 837a
174+ j 161a
u ; in*
77i S 78
49Ja ; 4Si 4
131 6 121-
Aiirtr . Airlines 325 a
AftK-r. Brand,.... 375+
Anier. Broaden*!. 331+
Ani+r.L'ao 31'j
Anicr.Cvananiid., Zdia
Amvr.Eier. H.v*V 27la
Ameneen fsnr’ss' 60<a
Aine-.H-n'ri'iwl 42ia
A iner. Medical.... 9 5 +
.Vn».?letalClim«s 421;
Am. Maters 8:?
A.-7H.T. Not. (-a,... 36:i
A mvr. .-dwIiIu".. 22*4
A. 9..4. 38 la
Anier. MHii'Inni.. 15
Amer. Tel. .v Tel.. 51 U
A MF 52is
Aii.I+s 4ij
neeondn. 22 1 ?
iVnitwr llwiii.ng. 18‘9
,VohiHi‘-B<!tdi, ,h 384+
Ar-nen MeeL 227 a
.Vnmen Oil 14
Atbland (ill . 29S;
.*.:L Kiuhi'eld 944 a
.Ht 3i;i
Avco 10;a
.\x-ie._ 25 li
Avon Vrnrtnels.... 92 _
Halt. (}««. Kkcl — 27^«
llet+k* Acserica. 46 1 4
leakers TrN.V... 57 l B
Barber </»L 32i a
BeRi-ice food-w... 24J+
HcekMn Dick 41
Hell 1 BowtH — 36^
Tcmir — . — • 21 ! s
Beivtix 3BJj
llen^uet Cons _ 44+
Itc!bi-b?m !iiniL 32i*
B. 'ae.kk Decker... 120 1 j
9'aik: 19
tJamde..^. 16t.-
B>.r<:en ....... 24>i
I'-j.-r 'Varner 25>,
I 1 , rani f! .ri rwaya.. 13
Bnt3J.*n 19Jg
Cnste! jleTers.... 6Q'a
r-rit. Pet ADE 135+
JlfvJicar-H-rie 33 sq
J trr.ck'ar* v C IwT.. 15ia
Urunsn ic~—_ 27 iy
Suc.TTus.Erlo^^.. 36i+
Dieil l4h
F.d lu'.n Wali'L. .. 101c
Bunk- r !^tno 12-;
UiirHnRlonN'Iim.. 35
44 ' 445*
325a j 12
37*1 ) 377 b
335+ I 335?
31'j ! 30.'a
24 i» ; 24 7 B
27 'a ) 27 ij
eo-a i 61i(
42i a I 42 la
Control Data 46l a I 44
Copper Bwtc*^. 1 205s 1BJ
Corning (t La an 1155e 1151.
CPCInternationl] 31 315
Crane - J lBt- 18s,
Creole Fttrolm ...] 181+ lBi,
Crocker Nat. C.P. 25 253.
Crowu Zclleitucbl 357a 354i
Cummin!: BuRin^ 46'+ 471,
Ctutlaa. Wright „.i 223+ 21
Dana ....I 35 341
Dart Industries..’. 28^s i 285
Daylln I 8Ja 67
Deere 5B?a ) B9L
Del monte 2Ha J 21
Deltona : 133e > 135
Detroit Bdisoo IBjg [ 1B3
Dictapbouu. : 12>+ 12
Digital Ki|uip._„) 101 I 981:
Disney I tVnlti 7Bog • 79 li
Dtst’lenwefigrvn; 44 1* ; 44t
Dividend Shares. { 13.73 . t3.7‘
Dow Chemical..... 695+ 59';
Dresae.- 49I S 1 481;
Du Pont 1854+ • 1831;
Engle Pitcher..... 261$ 257|
Bate Air Line...,. • 85+ 81.
Earnnan Kodak- 1291- ; 130^
Baton ‘ 36 L: ■ 3551
fil Paro Nat. Can' 161+ > 16
Bltra i 335 q j 335,
Emery Air Fr^bt. 12 72
B.M.I. 37 3 | 4
Engelhard Min... 22'z ■ 22
K'.nutrk 275; • 265,
K"i«t Icfl 17f- ’ 17*;
Ethel , Mr; I 341,
44 Joy Manufactn'- 39 ! 39
IBSj Kaiser Aintoin'm , 235* 24
1151+ Kaiser Industrie", 7i a 1 75*
311+ Kaiser Steel • 165® ■ 151 ?
18s a Kay... 7 'a ' 75+
181+ K«nneco«....L. M .| 33i« 33sa
253+ Kerr McGee- 733+ 733«
335« Kidde (.Walteri— i 23 231+
471, Kl+nberlyXlark..: 44ij 45is
21 Koppen -..J 37 37
341, KiaRoo......-......! 465* 47
„ a Kreage- — ....| 41 t B 415*
^55® Kroger Cto._ 1 185+ 18t+
Usvf Strausa iBlil 28J+ 27S+
s® 4 * UbbyOw. FoidJ 34*8 35
jj j( Ubby McNeil-— j 5m
183+ UgsettAMyeraD.I -*6i+ ' 353+
12 Lilly fill ..... 783a j BO
981* Litton Indus*.— ■ 93+ . 9<a
79 Lorkbeed Airrt...l 61+ 1 6S«
44L+ I+ino 6tar Cem— j 215* ' 221+
f3.74 LouR Island Llg. 203+ ; 21 1+
69 Louisiana JLaUkL.i 42i* . 427*
487* Ling TemcoVgtu 12 \ 113+
1831* LubrlzoL— . j 47*J ; 48l a
257* J.ucky stores— 145g ; 141+
81+ L'kes Toungto+rn) 61 3 ! 5m
130'+ MacMillan 87* : 8'-
365* Jtoo«ylLH 291*' S9'+
16 Magnarux.. ( 111- 111-
,1. I MaUinskr'yCbem- 45 I 443,
70 4 Min. Hanover CP- 40'- I 401+
'2 Mape.1 365* ! 37*
02 | .Uarauhan OIL 391+ ; 39
26 j, jHareor £6:3 . 27i*
175, Marine Midland.-' JMr+ 245*
i+i, - I Marshal Field. -234* 1 23 in
Bending — — ■ 11+ .
Kesublic Steel 255; -
llevioo 73 I
[leynolds Metals.' 19
Reynolds RJ IndJ 475* I
Rlch-M crrelL- 1 665* I
Roan Selection T.| £33 j
Rockwell Inter...) 31 |
Rohm ft Haas.....| 931* ;
Royal Dntcb : 41 1 a
Ross Tags — -■ 14 |
Saleway Stores—' 371* :
St. Joe Minerals..) 325* j
St. Ee^ta Pnper-.- 475+
Santa Fe lad.— | 257* 1
Se+rou Ind-..— — ■ 5»a :
Sch Ilf. Brewing. J 57>; '
SehJnmberaer— . i 117i+ '
SCSI , 145;
Soot Pn per—.. ; 17
Sccvll ili K 195+ :
Scndd'r Duo Vest- 75+ !
Sea Containers... 177+ .
Searle /tr.D.l,..— ! 325*
Sears Kcebadc....' 98
■•^curity Nat. BV 19A> •
Stdoo.— — — 475* !
shell OU 54:* i
Shell Transport— 26'; -
Kkmal- 25 1;
Signed* Com. 62
.Simplicity I'U , 55 '« .
Sinrtor 645* ’
27S.+ ‘ 27 2npata 287* , 261;
26'2 26'; 3enUh Hullo 1 381* 37"+
11+ . li* WorW-wideSec...! 401* I 40i*
251; • 25l s Chile 3K 1983 • 6 H 4 1 611 +
73 I 74 Pern 1% 1997 i t92 | t92
19 ; 171; b.S. Trw4i^ 1974 198-;; }9Bj*
475* 485* Li.S.Treos k*19C ,: 1865 b 1 85 U
665* I 665a L JTre*i»44»76/8o iBCl; J 8OI4
£33 ; 5t* C.S. 91 day bills.' 703 I 696
Demss i I 31
Deutsche Bulk— 243 l —. — j 18
Dresdner — 1 181 )+l I 18
Urekerhaff Zem't: 215 r+5
Gelsenberff : 105.1 0.4
liatebobrnn+t— . 117.6! +3.5
HapagUovd ! 114 ( +0.8
HarpeoeriDM 100)1 167 -6
305 —5
53 4-1
75.3 -0.8
son r j.i
99
100
60S
78
65.4
83 J I
119.9 -1.6 I
Hoech+t
CANADA
• Oct. f
Scot.
■ ^ I
28
, 14
13 J a
.< 6.00
5.15
'• iZ' 8
36*2
20
197fl
2**;* | AM1IM Paper.— 14 137*
““1- j A-rnioo Eagle ; 5.00 5.15
8 9 + j AlcanAlumU+luzn! --71* • 365z
57 | Alqoiaa StecL— 20 I97a
Asbestos- - Id; 18
14-a Dank of Montreal lb5+ 1 185+
J«'9 [ Baltic of Nor. Soot 38i+ | 385*
1=7* , Bell Telephone— 41 ■ 411*
' ; Boris- 2.15 I 2.10
175. B.rsaie? Paper... P* 30 • 14.10
315; • BP Canada— 145; , 14';
9773 > Brascan 193g | 19 j*
19 :« j a.-icen — — Oi* tj: a
47 j, iLalgary Poorer... 26 i+ 25 1;
54 .. | '.anada C>"ieat.. 135* , 13'+
27'.; , Canada N Wiand 8.15 8.50
26i3 : Can. Breireaw... 4.30 4.30
525; 1 LaalmBaiikCoro. iO;+ 305j
56T, 1 Can.l.-iiusine?„ It* 163+
54 i Cut. Pacific....— lbl; . 165*
— 0.5 >X6 6.1 Heij Albt (F1J2CD.1 119.9 —1.6
1 -IB 3.7 Beinaken (Fl.25j.| 275.5 + 5.6
1+1 ) 18 1 5.0 Hemngima 52 1 + 1.5
)+5 | 15 i 3.6 Holland Fund-J 804 (+1
•9-0.4i — f — Hoanowtm(FIJXHj 65 14 1
+ 3.5 14 6.0 R'nteDoufrlHFIal 48 +1
1 + 0.8 9 -3.9 IHC-HoHandPUg 52^t— 2.5
-6 9 5.4 K.UM.m.1001-^ 93 1+1.6
—0.5 15 5.5 luiMulter(FL£0) t>8.8( + 0.1
<+0.5 4 [ 4.3 Nab+dentPLlD)— j 61.5 —0.8
— — fiat. Nadi naVncai 6b.9i+0.5
i + 2-,5 — — Med Cred BkPLSOi 47 —0.9
+ 5 20 2.7 MedUidBktPLfiO! 18O.0 +2.B
I 20-4.3 Neto|PL60> | 7L.5-1
4 I 2.5 MljrwT.Caie. 1 100 ^—1
—16 6.7 O.C.8. (FXH« — j 223 |+8
' 16.4| 2.8 V«n Oaunoren.— ,571.5+d;— 1.5
-- - 1 Pakhoed tFL20)-.l 161 [+1
116.5-0.5
46 j+0.5
2.60< — OJJ5
£6 i+2:5
371 +5
229 I
79^|
106 -1
64*i t '
105 . + 3 j
360 —15
273.5 +3.6 I
&B 1 + 1.51 14
804 i+1 | 13
65 1+1 (20
48 +1 -
52^i-2.5! 18
SB 1+1.61 —
68.81 + 0.1 BO
61.5-0.8 18
I l*n>.-e + nr i
Kroner —
18 4.2
IS 3.
21 4jB
— ‘4.7
Bnrmeiaterfi W„.
Cop. Handel aban h j
Dan. landinnsbki
DMi_PmTlmh.nl.
5 I SuperioB J28 -1-r
0.7
3.'
2.1
4.9
3.7
l.o
14 1 2.7
6b.9|+0.5 '25
20 : 5«
18 1 3.0
Q. J. C o l e* .-....
Colonial Sugar BeOn (81)—
Cana OoldfieUa Anat— ....
Cnntalnw l^ll
( kuiainc Bio TinfasL:
745-1
100 Ul
223 |+8
13 5.1
14 3.9
a-u Gamine BloTinto^j.,
2’? Cork bmanaenta—
r-, 1 Uwaatat A+vualia 06
360 —15 20 , 3.6) Phliis
148 ! 14 , 5.1
LowenbrmoD UIOOS 3.540 > ( 20 .) U.o liobeco tPLbO) ,
iVerPLUDj 257.5 +2.5
LuiEhaaaa 52^'— OJI 5
1IAB I 118 ' I 12
U’eaiuann DM L0C 161 >-0.5 10
MetaUgea'lschart.: 210 1—5 i 8
Uuoeh. KobIetrsI 56J ; — IO <(15
Neofeensann.- — ' 109 .-t-O.B.' d
£4t(**
16 if Baatenleiy HnW<"p „ ~
18 4.3 Hanlmw *. ^
18 7.0 Honkar , . . .
217 ; 24.6! 5.6 l.UX ,
Hnour DM IOC'
11 be Ins mhlD 11 100
Sham, WeatBlefcr
acberlnj;
3U++iRter.— ....
iliy+aen.— — — —
HI J + O.S- —
99.5-0.5 , •-
4.7 Kolinco iFLSO).— | 145 1 4 1.- 1AC. HnMwp
b .2 itojal Dutc±iFL8fr 9B 2'— 9 5 1 361 7.4 l.P.C. AnrtTlnvwt— IT'
6.2 lut. yo PtcHi^jai. USS36 !— 0-6) — — tmer-Copper N. 1, (2b cuts)
1J Lmlerer (FO0)„ ; 11:0 1 — 1 j 33Jc 5.6 intanmt inn wm»i
1.4 Ctihoo (FLMIm,., IZh. 5i + 0.5 I 8.7 3.n Joaea (DavMi ”
3.6 *_alguro p-.-- £9.0, + 0,6; 17 2.6 L«cha+d+^ BantoHin^
135.!: - 1 .16
409.5 -O.S j 20
215.7 + 2.7 1 16
275 -4 ■ lo
5*4.5' * /
308 -1 18
aou . • 20
16 5.9
20 -4
16 3.2
lo ] 2.9
l . as
~ BRUSSELS
1 + oe I Pta. 1 Yld. um
! - | Net t % flyer
Lend Lease .
M * g"i ktn PeCroln nm... ..
fdaekaUsuB
Metela KraJoratoin
IB S.9 J Arbed- 14.750 i— 30 ;10O ! 3.4
20 5.0 { Bsnqne de Bm»..!3.450 133 , 3.9
J Betaert •B -..— _ I+2J | 75 | S.+ UQ!hii+ — 1
j Bnx Lambert — 4760 I -.100 1 5.P
B.vtun. ; 943* 1 92:*
Fairchild L'emeta 751* ' 72 r*
Fed Debt Scores— 431+ : 44
Klrv.ronrTlrp 2 lit i 211;
F>t Nat Bouton 44 . 44! 4
FatWai City..— 453+ 46
FI I ntkote IB^t 197*
Florida rower.—' 387a 39
Kliwr. ! 49 495+
F.M.C I 20 i a 20 '«
Fnn.l Motor 59sj ■ 59 >*
FonnijetMcta.,... 1 14 145*
Foxb+ru. • 42 431+
Freeriort Mineral--. 29t; t 30';
Fruehsut' 27'+ 271;
Fuqua industries 145, 141*
(i.A'J.... S<| 31;
><A.F 14 14
Cannert 38t+ 1 38 ij
381+ 1 38
3Z'+ Gen Amer lnr... 151s ! 141+
I20'2 Gen Anaer Tran: 55'+ . 65
194 fien Cable • 10:+ > 10: s
18 Gen Dynamic*..' 251; 26
241® Geu Lists ric.,—' 625; 63
25 Gen Exploration- SJ* ' 51*
125+ General KK.1+..' 27»^i 1 28
IS 1 ® General Mills.. — : 64>* 64i*.
59 1* General MKnnj 667 a ! 87
i+v, Cfen FiWk Util 20'* ; 20i»
34 General elgiMtl.,, 527* 627-
Igj, (Jen Tel Klrob.,.; 30>a : 30'i
26i- General Tire..— 197* 195 ,
36U 7; 1 JT'i
14i, Irenruta Pacific. 39 'a 1 39
1 q Irt-tly OIL- 1355+ 136
« 17 _ Gillerte ' 62 L 1 621*
>J lo'ial .Marino... 18 171(1
&0'a ! 591*
135+ | 13+a
Marshal Field. -236* 1 23 1*
May Lein. Stores 341+ . 34j+
MCV 24s* ' 25
McCrory 19 187^
MoLiKimott..— _ 85'j 835,
McDonnell Doru 19‘a 1 181;
McGraw-Hill...— 9'; , 85+
Memorex. 3i* . 41?
.M.Tvk 80 is 817*
Merrill Lynch.... 18*’a 18"'»
MUM 1*5, : 17
Minn, MinkUrc.i 88'; : 89 l a
MIbhJoq Lqnities. 23'+ ■ 24
Mobil OU 521, 63
I Monsanto : &bi$ 66
M<7fSanJ. P— — 66>; . 637*
Motorola—— i 64'+
I Murphy CHI 71 i 72
I Maliinco 455+ , 46
Nairn Chemical.. 35"a ! 35:*
Nashua. — 52 ‘j ' 525,
Nil Clonal I an.. ,.. II I* < 11J*
Xat. Cash Hex—- 40'* | 39i*
Xat. LhnriUem....- 147* i 15
Nar. Service Ind. 1 14 . 14
.N'aticuiaJ acecL...! 571* ' 361;
Aatcmos... ,
Xeptune .Meter...:
New Gnulnud KL:
58ig < 56 i*
I+iirrongns 234i* . 335ij j G*>jilricR i3'r
Lamp'll* rf-ip ... 321; ; 32 ij n.olywr Tire...- 24is
Lanadian J'ar:i;r 16*; ■ 16iq J G^,> a 27‘i
Canal UaO'lolph., 13>; 14 Kinucrtt'.U 26:^
CepiiollniiUii'ie-i 10^i ; lOj: Grand Union 13 >i
l. a nation e5 , 85^; GUAIla* Flw Iw 12i a
C+mwiGene^l 14 ItI; Urt North Iron.. 12'+
lalprpiilarTra^s. 70's ; 704+ r frt rbound 15:a
l +iaue^e 38 . 37lt G.U.I. tnrp . 32
• vnirHl?.W — — 214s Zlf? Crolier • 101,
Terra — — 151* _ 151+ Gnlt fc Western' 283*
IIS . ill? SSSSt^zr 1 1«5
i frnsi* Manila: tin. 57 y 58i‘
CR«nualBit.vr.i 46 1+ I 4Bia |
ttssra: as 1 a, i s
ilZTr***- S ,J ■ n% I S3
V :nn. Uuinron... 37 , 36-^ 1 27
■ 1 1" Finaiit-ini 471+ • 471j
lirv^mlcu. 47i* 47i+
<'!*7ln»<»iiiit!.... Idiji j 141+
‘..i.V ruiaj'Tia].. 13 1 13!g
Tesi.i.v.ln 1454+ ; 146U
' o'"h:k Pal:/: • 31 i* 32 1;
t. .'iikraan.... 104+ : 10ie
• '■I'li'i.BMc'tSy, 33'; • 34
f.‘-..i'llii*'lll Gar..,.' 271; 28
' '•-!:.i:. t aa I*:;:.... 41+ ' 41+
*.'•<' :>1 n.C-". of A i:i. 15'; 16
Coinhu-thin Kr,-. Sll 9 ! 8l7g
i._-« i*n i >■1 vents... £1 ■ £0';
hiiwm. 30; a ‘ 30is
'■•.'.aPsOUBt:.. 13 . 12!+
t ••niiii.nriatelinr. 54 541+
i. icKdlson-Vy. 22I B . ZZI;.
•- >e*oi I'rt-Jl*,.. . 30 • 29i+
CiuimiI .\‘*t Col'.... 27 1; i 27 i;
iv+ni-inir* Primer 27 ) 27
out can.. 27:+ 1 2&7g
c •.-itinesutiCil... a& j 36 J?
Loatuieniai ItieJ 23ifl | 23as
Hoover...... , 27 27 1
Hutton E. K 11 :+ i 11
Illinois Gen. Im 19. £ • 20
I IN' A. 39la 391
j lnseraoll Eand.„' 731+ 73
Inland hteeL.— 5QI+ 305
Inmlco— 104+ 101
IDS! 257.751258
Im. Chcin.Nuc'r 10*; : 10
I:ilL Flavor 9S»+ 97
FuL tlarir.ivr... 32;* : 321
(Fuel. H4illncri... 13 *i 13i
I IuiL ttm^Cncni 34 hi 34 >
FotLNickeL 35ig 35-
1 Into. I 'a per_ 48 47
Fn:. Tel. .t Tel. .. 377* : 374,
III Interna tioiutl. Z74+ : 27J|
lnieiwate bintv. I!; ; la:
IbwiiI 6*; 61;
Iowa Beef— 22 . 221;
Jim Waiter. 201* 205;
John 31ansnlle.. 23 23
i J oil n»n Johnson; 1165* <1181;
I Johnson Service, 23 ij j 24i,
) JnUaA-JUUChlUi< IS J 184:
i g7 Aew bUKlaud LL: da >8.
201* NewBnalandleL 1 311+'
527. Niacra Alohaiv k..; 15i*
; 3 qi 7 Ni*sr» Jaban?— ' 19*+
;o;" N.i-Induetrics...' I5'a
7;, XoriolkAltertern- 63 Je
jg North Nat. Git.,,. 43 1*
1 Nthn.^tues P»r.' 37ij
i 62i* N*Fi w t*"t Airline. 26';
. ^71 Xorweat Banco... £0*j
Norton dimon...... 38
Z3>? ! Uuciileclai JVrpjl 111*
24 1* J O^ilry Mather... 34
27l+ j iJtn.i Edison. 21"3
; 26:*! ! Oiin 17 h
131* ! UttiRieraioT-... 47:*
11-a j UvereeusiiifiGii 47i;
12 *ft I
jg,f Owenr-Torniiiz... 461;
3 lie Uncn-llbnoi*..,,. 39
10 U PBU.fJlA-t I'.'tip— l 5 t
27,. FcdiicOu.......' 27^
25i^ PHc. fJ^blius i.'ti., 82+*
165:^ Hac- F** t.5 L* 24
54;. Pen \mV.nrl- 1 Air 6 T a
491+ Parker HminaHn. 31
57^ 1‘enn Control 2
B7jj Pcun iVr.SLt 215+
25 r, Penney 4. C 80*+
4153 Peonzrill United. 253*
llBi, Peoples Drue 7 1*
27 L J Peoples Gas— . 304,
. . Puf+ica 871+
20 Perga man : 12
391* I ,,wh,n ' Sltner....; 39
73 Pet— ' 25*;
304* Purer 1 445*
lOi* Phelpa IWp: 48>*
258 Philadelphia Elec 20' +
10 Philip Morria.....' 105?*
97 Phillip* Pelol'm. 57-’i
321; Pickwick later—. 32!+
134* Pill- bury... . 52
34i* Itiney Bowea— .., I3.*a
354; 28'; '
47 Plewey LldADfi 24 1-,'
373+ J Fulerolil I09i? :
27Jh IVitixnac Elec.—. 14ie <
Is; PPti laduatrle*.. 33Js i
61; Pnaier Camble..- 99
221* Puli -Sere Elect-. 22 Sa
20*3 Pullman— B2+; :
23 Purex... ' 144+ !
118*3 Pore later Cl
241+ Quaker Oata 38>* '
104+ input Aments— I 15*+ ,
Southdown* .
Son them CaL Ed.
South ura
Stim. A' at.
+outhern Paolrie.
Son tb crnUail n-ay
Southland
Sperry Hatch.....
13*2
23i,
18: 6
52
52i»
35
19-3
17-*:
13*+
21-js
18*;
SI'S
527;
33:,
19 Ja
15:,
1 CasaULT .VfbeKUitu
i Chleftmu Iter..,.
. c<-
■ LV*n+. Ikithut*!...
1 Ova. Texcih> SI—
| CjQ'Utaer Gli —
i C-j;+acu Ulch
| Dacca liertwrew.
Dtrilvsu Miner*...'
14
121,
30-4
£B5;,
4... 0
J5's
Tli-j
69,
141,
1170
343,
207.
T4.0U
153a
67fl
7.15
39Ss
Squibb — j
9H.
91
, Uhi Sea^racu^.
•14
44
standard Brands.
S td.Oll California
Sid. Oil In-liana...
outxl.Oil Ohio-..
®7'i
b9*a
1411,
52 'j
69 '«
69*2
1« 1
l+.iuie pF-tmievBJ
! !>3fr.injua Bridge
1 U..
3; Jo
:8
F 6U
321,
de:+
25
jterllng Dnyfi..
ill!
a 2 %
> F\:rvlr'.» C'-rp...
1 +'+«*.- u Aicuci.
13:,
76 7 t
Sun Oil
S5'i
535b
; Fm Cclleimpn— .
4-j
7.0
B Oi
Trobmcolor-—.
Tektronl: -
8 i;
501;
8: f
50:,
1 Ka.a D-rr....
1 Gi:!i' t>ii f.+oa,!*.'
tdfcis
3d:;
23:3
343;
Tclfidyce
ntfi
ia: a
, HaDAuoCaE,'i372
56^
6.00
i'ewn Petroleum
3a: :
53
33U
325;
. Horae Oil " A’—
; Hudson Bay iln;i
47
7®.
47 i a
37i a
Teas Oulf
Texas luKin
27 ; i
ISBii
2718
120
j H'd=on Oil A Gu
•M-ij
iy
4b*j
Carrqfoor— , — .
OtnqtaanReimn
78 —0.7 >4.2 5.8 ! *-■ Uoyale Beige..; 6.080 j
216.B +U.9 ■ 12 ; 5. 5 I Pawn be* ,7,260 Ul
e07 —5 1 12 2.(i Photo Geva«t_. 1.424 |+ 1
: Prices +i»r Uiv. Yi>».
Oct. 1 : Fn. , — Fr*. J *
Air Liqokie 279 — 4 ;15 .li 5.6
Aquitaine 399 — 4 18 ' 4.5
Kenqnelndocb'Dr. 263 ' — 2.4 1 12 4.7
Harbin I“» -10.58 S.7
B.5JJ 1.270-15 36.2.8
Cnmrfoor 2.006-100; 57 ' 2.1
LbanrsarsKeunir 2':4.1i + l.l I4JS 6.4
L'iDwnl+Fabnt..! 223.1 —3.4. 15 6. 6
Citroen. 78 -0.7 >4.2 5.8
Kr. Pcsrotea^ 216.8+0.9- 12 ; 5 5
Cie Baocaire— ... e07 —5 ' 12 2.0
L.G.E. 4+5 -8 : 84 . a 5
Cieda Nord i 33 J,— 0.3 '*5.d0 9.c
LredltComFCnce 166 9 u.4
credit Fonder^.. 396 —4 i 24 ; 6.1
UmalirA.K 102.5 +0.5 , lj.7»! 8.6
Dunlop- — : 55 —1 : n.ZS. 9.G
LsaoHrandard 130.6— O.S i.23 4.0
Klu. lena, — . 184.6 3 • l.e
Pin. Hlnanmnn 84.3—0^ 2.70 3.2
IraC lalayette. 147 . — . —
Uea. Ocddentalc, 342 , + 1.5 (15 0. 4
Le Nickel 67.06— 0JE. — —
Ltrieal . 2.575 —15 1 27 : 1.0
ManMnea Bull 56.4—1.1; — r —
Befeaert 'B'-..— ii4J j + 2
Bru Lambert — 2.760 j
L JJl Cement— :3,4 2a [—11
Cockerill— —— 1,326
KJB.E.S— J.660 :+6
SfeetroheL — 7,1 00 i + 31
Fabriqae Nat 1,590 [ + 11
3.B. Bcxerisue^ J.HK3 '—31
■3,760 ! -100 1 3.6 f^oneorttonmST
nn tiJBiHsasSBs
its. .«•;■*§ 55E!iS
-35 ! TO ! 2.6
-ISO' 390 I 4.5 -
ileoe St. Boeh -.. 6.450 ;-150|390'M.S
Jobolwn *,76 1 1 + 30 1 180 I 3.8 ,
inmmukm .1.1 li i-35 ! - J- {
merer, m (1.9SJ : + 23 ;135 | 6.6 1
vredubaak 8.26J — Mlb j 2.6 W.iU.
i3L*0 f-0.02 Kant Ariaue Hid*' 523 —Si;
fL45 +0.B1 ^naMbanken..... S44* 2 +'*
2.44 +10S ^ “rFKS^ar.-: -83*1-4
t-22 -0.04 Por.Paplrtabrik...; lcOu _i,
0. 09 GtJi art hern Hid. 1 1'iB — »..
133 Howl Knb e U — ■ 261 —f’. ..
2.32 -fl.oa Oliegabrik — — , i8 • -4ij
7.3B h9JM Pnvattmk.„ ; 2+2:-, - 1.
a*! S JOHANNESBURG
. i ac Analn-Arar-r. Cpu.
Vlt B^ctafomem 1-.-'.-.
. . 2.30 -o‘.i7 rP° 3 t’.il'
6.87 +0.04 |2Sur? rUffl ' H :'- 1
.iii if SS” - f .f!«
fi 3 +JJ-M twpuw.“”— bt”
.li =
in as afisr«: = ~
ill *38 h.'ttJ -*.-
JO-gU - — 5T 1 - l™™ 1
10.20 f 1 ?*- Sloyu -
1. »l-*— fl.0t T1.&.,
3 JO -0J7 ‘ "*'.50
0.72 ! INDUSTRIAL
2.33 ■ +0.B2 African Explos. and Chem. s • r«,
2-57 I - Aoslo-Alpba Cement *7\ 5
2.77" lt0.G2 A*wJo-Tran.waal Industrie’s
1.36 [+101 ?earta ■■
tO.ll CNA Investments ... ... .7-
1.74 i-a.1,3 ^” T)e . Finance
1 428 ..... JJJwNv VolhsbeleRBlnss 2 -'r>
2.65 aiuStts” 13 D,!VeJ,)pinent •- t!i»
lolea — oon storacV •“
0^1 -Tu’; &A COmbQSa00 A 1 "” ••• viv
- 3.6 Wal ton.
t07 -5 1 12 2.(1
4+5 -8 : 24 . a 5 „ , , , _
33 J— u.3 '*4.i0 9.C ***■ Generolo 13,030 1+45 150 fs.CJ
156 9 u.4 ««n. HaQque;o.310 i+ 15 167(4.6 TOKYO
396 —4 i 24 ; 6.1 13,730 [ + 115li73 4.7 * — ‘ . „
102.5 +0.5 1j.7s! 8.6 uolmy'A' 2.fe6 i .'+« 0 [I6U 5.6 , I ™
55 —I • u.25 9.5 Irastioo Kloc 5.295 l+I25|13u ; 3.9 " tU 1 I
sat^. 4 ?: KlsirteiSHS^ tS *8 i« “SL«- — I Si
. t JiO .Wit.
Pteux FrankL- 7.5Bti ' + 20 430 I +.,
roc. Generate 3,030 1 + 45 150 fa.
!1» J J Wrolwortfa..
hr (40 oenuJ.J
t4H8 ^... reaeraie Volb-sbeltfAclr
2.65 SJ™ Ann Develapment
tl 74 ' fltetts
* 0*08 <ioUl Storace .
0^1 -Tu'; Combasao ° Alnca
x.i, SESSa'®^**'
14.00 -0.10 Nedfio ...
2 K B «**aars . **”)"
tO.65 +*.02 Ovenstone lirr^sunen'ta'*
} 51 i J-r; Millings ....
tL48 l+O.OJ Protea Boldines
1 Raiul Mines Prooertir*’
nelco . ..
ScblesiOKer Insurance 7
Slater Walker iSAi
• Sorcc
Price 14-ur ' Dir.|V*.t 3-A. Breweries . ”*’
— ' ~ I 3 Sydrufr 8 ^. ln3uranr °
. 3 ■ l.e 7- >o
a.” 84.3 — OJI 2.70 3.2 u‘^^S nta,{,te -[ S, ii
147 _ , tvagou Lit-,..^. ..J . 91
iron. Ooddenlalc, 342 .+ 1.5. (15 ' 0.4
Le Nickel 67.05 1 — 0JE. — —
LSfreal ■ 2.575 —15 1 27 : 1.0
MacMnca Ball 56.4— 1.1 ; — r —
Uuhelln *'B~„ 1,796—15 1 34.6 1.4
Wa+yw Liti- | . 914 J+Z4 ; 34 j 5,6
STOCKHOLM l
Lanon : 266 1 + 1
Dai Nippon Print! 3BO > +8
Ifujl PboCo PUm_| £20 + 1
Hitachi 210 :— 6
Honda iloto ro 664 ■ TJ
C. Itob 56S ; — i.
301 — 3 I 16 I 2.7 Tollman
266 l+l j 18 j 2.3 Union Steel
7,frw* -f+ or [ Qlv irui.
Knmmr - Kr. i *
15'a 15 Tesai Ctliitiea — 40';
19*+ ■ 19t z Time.. —I 35*^
15*2 1 15sa Tune* Minor. 19"j
63 Je * 62*2 T“=kea , 25‘*
«:< 42ig Trena. 49?*
37l j 27>a } Tnmaainerleo li'^
£6*2 25 i* ' Troua l.'mon. 57*i
tO'-j 601-;. j Traoj. Wurld A*r +4';
28 ’ 26’; LroveUerB. a5 ! i
11 it 101* t In. Cvnuneotal ,. 29
24 ' 24 >2 i T.K.M ■ 261.1
21-j j 21:* j 2&tn Cent. Fox.. ' 8i?
il! 1 IV* \ I*. 24i,
Sf; 1 I'.VRCO 17 i
W? . 46!, VC., 17
46l ? 461; 1'ntltsv+r Lt*L 30’.
39 38 i. : n:lerer ,\v 47;j
l*t 1 J; Union Carbide..., 39-';
27:* 27 1.+ l,'ntunC>in:incroe 21'+
82tj 2Ii« Fj'nHm f >il L'ullF.,.. 42+i
24 2<l:e Union Pecillc , tB-i
67 B &5i3 Unionenxric* ....' '28'+
31 31'j L'niroyuL ll*i
2 ; 2 L'nitcJ Aircraft ... 32 ^
!1!, ' 22 m 'n I. nned Brandi ...; IO55
30*+ \ 737.3 Umled '.'urp.^.,..; +73
25+6 : 245+1 U.5. Bnncnrp—... 27':
7l » ! .IJB t»-S. FnrichL 18 :«
!W* | 30-'+ | U.S. frypusn 221;
371+ . SSig U.S. lRduamea... : I3; +
12 T2 lij. Sbnea K';
S9 j 3950 U.S. Swnl 32ie
!5*i : 25 Od«.... I9J*
tfli, ! 447, Util... — 20 } j
mu i 48 “ Lt8h 53*
mu | 20U 1 Industries™.. 30:^
30:a 187,
35S. .Frce'*^ 29'-. • STS's
20 h {ixwnjriO:! 45ig , 4516
364. I focal '-aac-ie lfiU ' 13J a
gq;' , ItULDd .\at.Laa_: 10 1 10
13 ' Interoat'iSid*,.! sSu 36
jgs, , lntVrPipeLiac 235^ 23i z
22:4 I Uur'w.Kiu.'.'o-r IIS, < Jljp
! Liv-'tsw Com. -it S . S
2& t ! -■f-'—UF'o Oliwd!. Ses-- t 38
neij Masroy-K-r^osoo ^4i« . 231+
7-. JI-rinirrepQmne 52^ . rSgij,
' : Jl.x*re'.'tfrpt», £2 1 51
23 '2 : "I+Ia^MriTO fJ.sB ! 0.55
J ' ; -’■j-'ui+i Maw— 35 : j 54
. .N'lL-vroiOenGa* 1U 10
47 5. Xuv+M C:l i r. K , lei; j J8.«
. Ij^vrr.yi Prt«:n. 2.40 a.40
PwteciVrin-h.-.it.i 30 30^i
ir , » i Pa^L' Pelro^ac^.. 3.60 I 3.65
S' 4 ; P-'.n. Can. PeL..,. 13'*. } X4i P
I ? 4 1 Pw>pl*ri!frp; «„ 13:+ j 13Jt
ii' 1 Place litre Oil... 0.57: 0.5B
*£. . PaccDer’iopm:- 30 ! 30
1 PwerCrnmni'D 121* 13
Pries... 18 iBlj
23 ; LAnget Oil C’xKift SL Si
13: 5 I ifeed Sba 1096 I0'« a
23 'A+A|evn> 27*; 37
131? j A<(*jri+ >L: 0.73 ! 0.74
‘ ilsynl Di..>tCo.n,' 67in 37?p
tqu i Xnwft. : 261+ . 26* a
9n ~ I SheU Canada. 19 lg ; 19 1?
■ acBinuCi. .Miner 161; i 15*+
J Sk-bena 0. 14+ ! I4to
Peogeor iPn, 70j.
HrlnLemps
lledOdW :
Knr,u6 Poufrue._
aamt Qabala..,.—
■m«c Nat d’ln.—
-wr--- —
csv
1 homaiu Brondt-.
Lbioot
Viulprix
I'endel M —
cao.o +u.a ■ uf o.u ... _ , i ,
Pechtuey , 141 -2.5 8.5 * Jf “ L *' lU B -r ■) ^ '
Peugeot iPra. 70j. 490 —4.5 16.0&1 iLh 7. ,
IS ^
510 —9 I 14i 2 8 U** 0 ” — ~— i 1*0 ;
159 9 — 5.5 • •»» BO t “*» j 289 ! + »
LBSis —0.3 10l& ! £>1*5 PM i + f
398 .-5
124.9.-1
510 —9
i 20L5i &.b
I i4i 7a
182 , 121 4.4
By *| 9 | 4.6
160 j ; 4 I 2.7
166 U-4 ' 8.5| 5.1
’46 ; 8 a.9
*6 +1 - 18 4.5
* Kanaal Mec Put.! 850
Konatau [ aUS
4* ktuwta..... | i95
0 7 llAiui5hiCa MaaMI> |
5' J liitaubishl Bank..! 668
g o MlLoubishl Heavy! 199
4*5 I tiinnMih i Carpal +10
664 !_12
B6S i — 14- j
3.2831
850 i !
- 1 I
49** 1+8 I
S81 i+4 1
6®6 i-2
tficetrolax “B M ,! 269 1
i.ric+un B iKr SOji 207 +2
££ Mitsui ft Co.,
II?
132.5-0.1 6.3 48 | “St
255. i -8.6; d.4. *.3) u r ^”' rp “*-"
110.5 -1.5 y ' 8.1 “ h, *eWankMi-
“ ■ “jMSfcp
sJLF.riipZZI
rrr— — — — — ■ . -randnken
; + - • SP? 6I»«I Husti M*..
Ur * ' Tanditik 8 (KrtC-
— -.an ! ('•l.lefauln,
f’frr -•■r"-- “ . — v w jv«, iKr^oi
M i+1
176 ,
170 '*3
160 -5
_ ... e* -run ■ nnruumi IHH .. h
Alitalia Prtv™—> *,750^.^.... — — j Vuivn iKeSQi
ASIC ■ l.w: +42 . _ ; _ i
iWocL~^. , 1,636 1-13 ! 60 i 3.2
— ,iSS:fL : ‘- ! “ swtTZERLAN D
Uantonl 16.200'+ 300 300 ; 1.8 j
01 Q A * 7.S00I+ 160:150 1.3 Oer.l 1
CiMorint 7B80i— 63 300 [ 4.1
ihtiraiM .J 376 (+5-75 — f — Allnm. Bearer.
kWra— *! 15.105 t-386^10 ! 1.4 Bally HoU In*. _
Fiat, 2.460 +40 120 I — Bwun Bovnri ‘A’ 1
lA+Pnc 1 I.875U20 .120 : - cTBA.RBIGr.Br!
? insider 558 1+2 ' — i — Do- Do. Br Part;
Gen. limb , 550 ;+10.2S 15 0.4 ^
146
183 -2
lt8 ' + 1
111 :
96 3
249 i-l
; 12
*2 ; 12
-5 • 12
10 ] 6.7 Mtautojhi^...! 53a
“*ii 0 3sa?^=:i,3IS
■:gjM
: ii T'i fejkra®™*.: 2 so
“ * f iUrine.—: 507
uo _ e
•*10 1-7
415 1—8
458 \-S
250 ;_3
~7 13
■—8 14
1 20
^10 i 12
1-10 i 29
i-50 i 30
16 2.4 '
15 2.3 SPAIN V
li l.l Pcr^~
18 1.1 Banco Bilbao . , g*
6 1.6 Banco Centra |
10 5.8 Banesto «2S01 ^2?'
14 | 2.4 Banco Exterior """.T 7S
16 | 1.8 Banco Fomenio ” , !2}
20 l - 7 Granada (1,000)
3 H &an HISMD0 g
13 1.6 ^« Cat ' ft'«m «?
14 17 2*®° Noroeatc n,
20 l a gfcdentai . /; !aa
as L2 2““ • B «Sfcf'"fi30i
5 0 : ES J5SST (L ““' S
** 1 1:5 a®™* — — *3
6 I 1.5 cic ...” sn
11 1 1.1 Crcclnco
10 1 s.O Dnuudot . ®3~
a 1 2.8 Ehenjias Ari'ZZ.'"''
.1* 2.7 esNihila Zinc ~ “
lb ) 1.3 BU Rio Tlnta ^
Few* 11.0001 . “J
kyo - Fenosa n.noai “J
Gal Prcdados
Bidrola .7 ^
Iberduero g®
S Ti Tt-S ! nd - 9“*™' Cm- m
Kr + Nimiwno 3£
■» Motor fbcrlea '
f, ~Z~„ Ponferrada ‘ “ ^
9 69 Iff 00 Pa «»a«era
h S'? ^ ~
“ 5:1 ISST “*■ ■ — : ",
SPAIN V
2;
Per Cl’**/
■ JU2K20
- L467
■ ?15
- 750
LOW
» 7ia
9a
760
I) 637
235
1.216
.. 6 I b.6
"Ms ! 3.3
t40 i + 15
1 fe
it —
l.b
ttyqto 6 56 ;_q j lb
Source Nlkko Securia^“TWsa
»Ma j + or I Dly. lYu. 1
Fn. j — j * i » ,
— | AUnm. Bearer. 2.5501 + 60 is I og
Bally HnhllnR.— -- 686,-5 5 if 5
Brown Bovnri ML' 1 1.00jl+l0 10 50
CLBA.SKIGT.Br) 2.0001+50 32 l'l
Do. Do. Br Part; i.62fr + B0 22 l A
Do. Do. Bet;..— 1 1.1J&+30 22 I 2 0
OSLO 4
' oi.i •
TZ 247 +7
“D Berttena Prirathk laO
B O g**- P a«P»fclh- 150 -,3.6
florattwii 152 +2.8
H BraoajpianiiwOO, -.50CS.J
550 -,+10.25 15 0,4 1 D®- Do. Bet;..— 1 1.1JO+30 I 22 ZO rwiiuTt?' 10
. 65.993 + 99ft 300 ;'8.8 ‘ S ‘SS2i + f9 18 2 " 2 247°? + S ( 2:
. 5.980 +60 1 130 . 2.2 flsobee toer. 97tf + 15 j 12 6.3 pi^l hplfC T^Z'S^? 16 3
VSS&Sz 1 iff; !
{ Wiirber-Comm'c. 14!;
I Warner- tiro 1 bert. 44 :«
j Well* Fcspa iSh
\ Western Hacnarp' 30 'k
W estern F.'nfnn.. - 17:?
Westinch'rohlca.- £6ij
ii'ntnco -- 3U'«
WeyarcMuser— ‘ 70
WhirlomU 32*5
'.Vbiu- Cons. 1ml.; 14 Ja
Will Kom 301+
U'lnmnaio Klee—’ 25 14
Wooitrorth......—; 24ij
Wyle 4:3
Xtans— — *.) 141*s
J fteel of (iuaiia.. 31-lj
. steup Esck Iroc- 1 .47
: 3ucuin;dafc Oi!. 9.95
! Tu^dO' *.anadt_. 58
, Fwato Di.rc. Bk 35i3
, T.nusCfln ri:«U* 315^
• Trer.j. MutmiOi!- 17';
• Trer.j. MutmiOi!- 17';
” ; Tri.ro 23
u ‘* j Ltii^n Uae lOlg
32i+ ! Called Lorrm 'B - Ihi-
14is J Voys^er Petrr-bn 5.90
30 ) Walker Bir»m..„ efijs
1FI PKL 6.980 +80 |130 . a.a Hstrfier Aoct. _ .470) + 15 j 12 6.B E,“ WnW | tSZ‘S~?
I Brest “B" — ' 5.161-14 il40 ; 2.7) ?o?*».(N-P-X:)ri: -ILSOlLk i ??§■*!+ 1
IteJcemenH' 28.700+300360 i 1.2. ^ BJelPBCi 1.4701-Q 1 16 [ 1.1 j f^JlrJ - 2
IbUSM — 925 : 440,4.3 Hoffm'n La IWfV; li3JjLi+2^M;10a0i 0,8 Kre«tta£5Z"' : i«S ""
Iraludcr 675 +5.50 - - luicrftvsdB , 6,100] 20 j 1.5 4
UOntnle 16.992 + 292200 : l.B JnrtmaBr. : d.570-6 J6 1 1.4 iivSaQnd» •
Marell Krwie— 1.050+72 25 i 2?4 Dn. P.S ‘ 160 ! ..— J 3.6 ! K2 ! T*| ' + l
Medkthaaro. 77.30J +500.1, MW L4 LiiKiuftOyr(FSOG 1.510-;+ 10 ' 12 , l.a — — ! ’* v3
lioedaderi Prre- 5.595 + 10 120 5.5 Lm**a 1 1,750-.... 10 ; 2.9
ilonuwatinl Cdri.' 833 +12.75 — — 9i+<4ie Bearer—. 4,000: +5 ,>*3<S.6 1 8.1
Mneta— 5.305+4 . — Up. Bw.— , .4.J3D-15 r ««.6i 3.6 V,ENNA
Olivetti (Priv.i_. 1,660 + SB 70 . 4.2 Sandw 3^50'.+40 j 26 . 2.0 * r"u. M , ■ ■
MonMdWJnl Ldri. 835 +12.75 — - Siretle Bearer— . 4.000 +5
Mott*.
Olivetti (Pri+.i—
5.505 +4
1.660 + SB
25 • v.'ws Cuatt Tren»; 1=4 r
24*2 , Wwtea Oeo. 18?+
141 U } 143 ij
QAcsacL 'AnesM,
i Traded. nSevMUKPr
f LirclU 4C 2,490+39 90
Pinnlll S.qjt— .... 1.4 51. + 87 ■ —
tt'L'a. A'dtuaSla: 77.500 +4100 rfO
Klnmconto 308 ;+5.75' -
Human lea.— ^ ■ 1,605 +0 • ' —
3.A.P.F.A. 7.310 + 110144
3.T.BJ. 8,880 + 60 163
anla Vleoea..— 3.6 IT +82 —
3-6 1 Bawer FArfwol— .1
— 5kc. late. Pirelli,
1.37 j'— 10 j 11 ! 3.5
214-1 I 13 , 6.1
«.o noire*,. — USB 7-ffl :+ 0.5| — I — rSempertt,.. ~ I
S.4 Hintertb’rBeareri 1+960 1 30 LS 5l«rMt^. J ill
- Zurich I mamma} 6 . 973 }+ 75 ^ J 40 J 2 ^[ VjSaiaaaefe.,., S 72
Sdace — W» .
' 80 3.2 Tuba®* 1» I
S^+60 100 1. 6 iftgg ***: ;;■ — 03 •
247 .|- 2,5 3 1.2 — 41 T ^
| U «§R®r« 3 . 5 ?
445 III 4,0 °'® t §f- 100 ' ,enn "»- unle” Jfcfwtr-
7*3 : + l - i - Jf Ptasjaxi uniSL^Sr-wiMr
! mL® deno **>. unleS n^'' Ttol -'.«
derm after peitdinE riu-h*. 7nK *
■p 55**. * Pa- sitire tt nu.c, r
Price i + w .DivjTd: <Uv. %■ h Assumed c
% • - t . nnd/nr
’ i— »** m % us v Altar
332 l j 10 3.0 dlv. o Net" ' a ^" ca- to
416 -4 ( 12 /.9 Mlrnw L 11 " 1
ss rfgis a rffls iwr
*
«np 1^ U ;
r: . ur
Tv'/rfr
- Sl..
***&:£; •
‘haflCial Tiaaes Tuesday October 2 1973
2E5S£sa
rut
ities remain cautious ahead of Phase Three details
c 1.1 higher at 430.5— Gilt-edged firm but golds weak SE5=^ E 3 Ej 3 3 S
^AUNG DATES general Improvement in prices Timbers continued. ' in demand, George Oliver “A" added Sp at profit-taking but dosed only . 3p to 202p, after 20Sp, on demand
i which gathered impetus after- Parker rising Sp to 144p. Phoenix 78p. off at 203 p. Hickmet Palace, 105p, inspired fay a Sunday newspaper
i> Last Account hoars . on h *>pes of a fresh re due- 5p to ISQp and Montague L Meyer Reyrolle Parsons remained the iost lOp of the recent speculative article. Letraset warmed to small
Dealings Dav tjon 11X1 '^■ s - Treasury interest Sp to I24p. only point of interest in quiet advance. buying and gained 4p to B4p,
_ 3 rates. All quotations dosed at the Cbemiotis made a little head- leading Electricals, dosing .lip _ _ . while Reed and Smith advanced
7 sept. 38 Oct. 0 day's highest with the longs way with IG closing a shade firmer at a year’s peak of 112ip Dundee Perth IID late 3p more to S2p-in front of Wed-
Dea lines Dav tjon 11X1 ^• s - Treasury interest Sp to 124p. only point of interest in quiet advance.
_ 9 rates. All quotations dosed at the Gtemiotis made a .little head- leading Electricals, dosing .Ijp
7 Sept. 28 Oct. 0 day's highest with the longs way with IG closing a shade firmer at a year's peak of 112ip irnirr
Oct. 12 Oct. 23 showing gains extending to 3 and better at 241p and Ftsoos 6p on further speculative support. Apart
Dundee Perth up late 3p more to S2p-in front o
Apart from Glaxo which nesday’s Interim results.
Government 8 m «...
Fixed T ill m —>
Industrial Otrfitmry .
Oo Id Mh—, [
OnL DrrTfeM£ 1
BandugiYW^Cfnll) (o).J
P-E. Batib (net) to) ft). |
Dealings marked ■]
64.43 64.22 64J21|
64.62 i 64J9l| 64.63
430.5' 426.4! 428.4
64.14] 65.831 72.53
64.52 ; 64.07! 73.82
166.8' 158.9 156.9
4.39) 4.42 4.43!
9.831 6.88 9.90.
428.3! 425.2' 422 -3‘ 469.0
159.9 X6U>| 163.6 93.1
4.43| 4.4*; 4.49- 3.47
9.9o! 9.93 10.00, 16.53
13.87 13.B4 1 13.78' 15.76
9.93 10.00, *5.53
13.72, 13-63: tlB.76
7.032, 6,804' 6.924 6.514 6.090; B2.4B
* Oct 26 Nov. 6 the mediums to J generally. Short- higher at 372p. Storey Bros, were G.E.O, I49p. and Flessey. 119p. continued firmly at 376p. up 4p, where. Gordon and Gotch im-
MHtuw may tnfce plan dated issues took a considerable firm at 79p, up 4p. . recouped initial losses of 2p to little else worthy of note occurred proved Sp to I40p xd helped by
MMtMca dav* earlier, time in ' making headway, bnt _. . close unaltered on balance. in ^ miscellaneous Industrial news of the good start to the year.
. irt . f . . - . were .finaily going higher in Store leaders decline Secondary issues presented a Jeaders . News of the agreed bid J® 1 ™ »«“***. on the other hand
Sentiment in leading Store, wa. Cterrington Gartner, 4p
•10 *.qu 430.4 11 a. m. 430.1 Noun 430.4 1p.m. 430.5
2 p.m. 430.5 dp.ni. 429.5
Latest Index M-248 803S.
■ »> Based on 50 per cent, corporation tax. *biNti=l3.8L t Op old basis.
HIGHS AND LOWS
Wi jalnee CompUMton i
^ HIsn • Low | Hi Kb 1 /jw
S.E. ACTIVITY
K “ r *r uuoecione 1978. rose '& to 92 i^. Corporations "low” of 74p. Derritron ended a tire demand accompanied by take- revaluation pushed Apex' uplSJp
a fev- leading moved in unison with the main -e'MO. • ■ ■ ■ ■' ' - shade better at 17Jp on the full over talk left Caplan Profile I8p to more to l44xd, while news of the
funds * F CTRM nruiwur report. .the good at 128p, - after 130p. bid from investment and Property
was reflected m c m ,u offerings nt ir.™*™.,, 14 I SlUmtSUiMnt Selected Engineerings were m British Ropes ended 7p higher at Holdings, up 5p at 125 pxd. left
ire todex which «n i 5a * I HlflAIIHV ■ demand again but of the leaders loe^fter lll“ following publi- Robert Warner l* highe? at £12.
cventh succ^ive ^^o^seUine^F donarsfmm 13 A nr^iiuno only Hawker Siddeley made cation of Slater Walker's current Folio wing favourable week-end
! * am tIHk 1 f 3 ?' 51 repayments 11 ^ || DEALINGS headway, rising 8p ro 361p helped holding In the company. Week-end Press comment, rises ranging from
memto, the index * z l . ' by technical influences. Encour- Press mention JeftlSawson Barfos 2}p to 5 P were marked against
-remits low " for ‘SmSSri and the ,< I , I aged by" a broker's circular, up 8 j p at m ldi while others Town and Gty, 1351p. Law Land.
& The volume of -li 11 — I ft I Aerow “A” fose 5p to llfip and, to improve around Cp for a similar 1681p, London City and West d iff,
led tow. although * l iD J J I on Press comment. Cooper In- reason included Dnnbee Combex, 42ip, and Amalgamated tovest-
■33, showed an im- 10 I Anl,HI dustries gained 3Jp to 25iP to ugp, Myson, l82p, and Cawoods, ment, 11 Ip «L Stock Conversion
last Friday's 7,032 nVt ^ „ U \ J h ^ vxas o' — V-lfllMi. cx scrip form. Against the trend, 175E European Ferries put on were good at 182p. up 12p, along
£ Monday’s Gjok). ? e i , 4 - pe f . U . British Steam Specialties fell 6p 4„ more to 150p in. response to with Chesterfield which advanced
day’s interest and fXrs 1 i * 1 ! f — rflVl to 86p following withdrawal of the the results and Mono Containers 7p to 237 p, while demand in a
led bid situations ,? mi vwL!^ ^ C t^5s Boxer * I , ff l LH5T offer. Profit-taking, after the gained 3p to 43p after the interim thin market prompted a rise of
news, with the SLfi 7 Hi — — L At~ record profits, lowered Adwest statement. Interest revived in 20p to 8] Op in Hammers on - A."
tips also throwing a l" n^«X*'S ts £0 “ > - c . y-1. Group 5p to 225p. In response The Times Veneer, lfcp to the Greensitt and Barra tt responded
es. Stores moved d etDapd per- o »' j to Lord Avebury’s comments at g00( j at i7i Pi but Tern-Consulate to the results by rising 4p to 130p.
nd on disappoint- SJg*" whi( ^ ”** 5 - » r)H 'I lit yesterday’s opening of W. E. dipped S p to 5lp on tfiehalf- Light selling found buyers of
e August • retail ■ aJ1DU,er ®P t0 lh °P- j r« ;* w 1 J *. . •■ “ Nffirton’s international machine yea riy loss- Newey and Taylor oil shares reticent and prices
F.-ActUaries share rn„- . , ^ . ldTtj ■ too] exhibition the price improved were again -favoured, at 175p, up drifted lower again. British
ib-section declined IvIClHWOrt DOIlgut I4p to 234p. 5 P> while Shipping Industrial Petroleum closed with a fresh
1 158.93 compared Buxine interest in the Opinion and a dribble of : small Foods produced a fair sprink- Holdings firmed 9p to 4ffip after i osa of 6p at soop. after 4»8p.
inks waned yesterday hut dHws sales in' the absence of support Ihtg of ^ bright spots. Cavenham the interim statement Gatos of Burmah ended 4p down at 418p
STOCK CXGHAKfiE
MONDAY
DEALINGS
Govt See ' 72.08 ; 63.16
(22)11 j (6/9)
fixed lnu„, 73.8 3 [ 63.67
«5ti» 1 (60
lod.Oni 509.5 j 404.8
; (lAli (W9)
Hold Annex 203.6 93.6
1 (fl^P ; (tail
63.16 J 127.4 63.16
»» | «!/*» OIW1 5, 24?:f
63.67 j 130.4 1 63.67 ISnecvlainv ! 113.9
(6J91 iCWLli«71J ftnkiij |TouUs^ ( 164.7
404.8 ' 543.6 j 49.4 1,.,^^,^'“ ! i,R4
;.wvm
Sold Ml us.. 203,6 93.6 , 203.6 43.5 j-4 petal 1*1 ive...... 10S.9 j 99.2
1 rfl*7> ' itati tsriiTh Yarn aif i n wai^ ■ 1 S7.1 isi.9
Bwc IM Govt- Secs. tt/lWM. Kiaart in im Ind Oto u oia SUM
IMffi SJt 1ukf.DK! 1B4S
FT— ACTUARIES INDICES
IndiMrikl Group, 173.48 173.44 173.20 172.97 171.53 171.16 193:09
WOStnree - 181.30 181.49! 181.43 181.40 16001 179.63 201.47
Diw. Yield po - — 4. IB 4.19; 4.18 4.18 4.22 4.22 3.67
H(K Huio meu...— 14.69. 14.73 14.79 14.7a! 14.66 14.65 16.51
All tihwB..._ — ; 181.56 181.43; 181.26 180.75 179.06 178.47; 200.33
cumuli Yield 11.35 11.40 11.40; 11.40 11.39 11.52' 9.47
■On dim.
Bats ” featured Tobaccos, gave up 45p at a20p.
attracted » rMconahle^ f Spencer. 365p, and Debeuhams, demand, while Kwlk Save.-14Dp, and Honting Associated, B0p the in prices hJ , d no immediate !! rid l y ' s big « a ™ .ASA lost £2 at IL9. Rand
3nd C were 'SSSJ'taS lisp, both shed 4p. Elsewhere, and Manbre and Garton, 117p. Jast-named ahead of to-day s ]rapact on sentimenL Reflecting which followed the news that Selection fell 20p to 7l5p while
Improvements in Banks »W v^erdaT hiitTZ« sales in' the absence of support Ihig of bright spots. Cavenham the interim statement Gatos of Burmah ended 4p down at 41Sp . .Ba^’ featured Tobaccos, gave up 4op at a20p.
iree main share c i 0 sed iTttte chmoa^ 7 lef t bosses extending to op, as in dosed 4p higher at lS5p. after 4p were marked against R. H. and Shell 2p off at 2B9p: late another ip to 275p with Reflectms iheir uuerest in
ere, London Brick 0”^. Vh. nt'hm 1 , a." gasp -Marks -and 15Sp. on further investment Cole, ■ 67p, .Siebe Gorman, 176p, ne ws of the lp per gallon rise the Deferred up Bp more to i>6p. Golds, ihe American holding coin-
news of the refer- nttrarted » Spencer, 365p. and Debenbams, demand, While Kwlk Save. 140p, and Hnntiiig Associated, 88p. the in petrol prices had no immediate A*®*. 1 " 1 F”^* b, 8 « a ‘ ns Pany ASA lost £2 al £L9, Rand
* industry to the ll»p. both shed 4p. Elsewhere, and Manbre and Garton, 117ft, last-named ahead of to-day s i rapact on sentiment Reflecting which followed the news that Selection fell 20p to 7i5p while
imission. thl ne Henrv WigfaD closed lip higher secured rises of about 8p apiece, half-yearly results. investment currency influences, James FinJ ay had agreed merger Gcdnld |265p) and Anglo Anteri-
or interest rates snWeftionl » 'km i. at S20P, after 325p, ahead of the J- Bibby, 136p, continued to draw Motors made a Scm showing R oya [ Dutch came back J to £193. i erms w,th four ° f ^ can (332p) both gave up some 10p.
fuel Giltk which , **- * Sil °P-, t ? ie results, due soon. Favourable strength from the Him. sale of Its with British Ley land responding tea concerns. Cessnoch. 1/op. Union Corporation eased 4p 10
to ?: the 2(!5ear Fress^ mention helped Combined- grocery interests and added Dp to favourable Press comment with G rend OH UP again ConsoUdated Teaand Lands. IS°P. 2DTp. receiving no support from
stocks index ISKfrC? 1 ™ SS i? p to English Stores, 95p xd. and Rav- more to last Friday's 20p advance, a rise of l}p at 26p. Dowty rose U H nd TelU, Holdings. 340p, all a Jiltic changed Platinum sector.
G204 to D2.30 . ?-« Hodge Group closed 2 * p up beck, 89A p, to improve -about 2p. Following last week’s 22p spurt Sp to 130p in Components, while Hopes of a higher offer from firmed a further Sp: West Nile Further response to recent Press
cold shares, how- al 4ap ' After last Friday’s Sp rise on the on the bid talks with RCA Cor- Supra Chemicals, still, reflecting Eastminster helped Grendon closed unaltered at 310p. Else- comment, however, added 2p more
investment currency influences, J*™© 5 FinJay had agreed merger Gcdnld (265p) and Anglo Anieri-
Royal Dutch came back J to £193. teTms "‘‘t 13 of >*s associated can (332p) both gave up some lOp.
tea concerns, Cessnoch, 175p. Union Corporation eased 4p to
HrenHnn nn acmin Consolidated Tea and Lands, ISOp, 2DTp. receiving no support from
ureuuun up d B *Ul and Te(Uj Holdings. 340p, all a Hi tic changed Platinum sector.
Hopes of a higher offer from firmed a further 5p: West Nile Further response to recent Press
cold shares, how- After last Fridays Sp rise 1 on the on tne om tains witn k(ja uor- supra uiemicais, sxui. reneenng r.^uuiusier neipca on-noun <->wovu unai creu comment, nowever, auaea zp more
■hamlv in tite face London Brick, 3p. lower at BOp. results. Forhuovs Improved 3p porati on. Oriel Foods improved 5p the capital -proposals, added 8p Trust attract another good where Catel Trust eased lip to to Lnnrho -or flip,
in bullion— down after wcre unsettled by the more, to 185p xd.' while Queen' more to 1600. Morris and David more at I97p «L Among Garages, speculative demand and close 9p 12 Jp after the annual report. Sift-ermines, the last of the
■n ounce— and the industry’s reference to the Street Warehouses put on lp to Jones gained 4p at 64p, while Lookers, already firm at 48 p, dearer at a 1973 “ high " of 319p. Alter the reorganisation and shares- to resume dealing? foi-
es; dinned 7.2 to Monopolies Commission. Else- I4p in front, of to-morrow’s interim Joseph Stocks, TSp, recovered half responded to “ after-hours ™ news Small demand in front of Fridays transfer of the companirs domi- {owing Wednesday's suspensions,
isents a fall of 37 where in Buildings, trading statement and Freemans (Lon- of Friday’s lOp loss. Bernard of a rejected 50p cash offer from interim results left S. Pearson 4p cfle to Malaysia, dealing started opened at 51p and ended the day
''ts ali-time “high" statements prompted 'firmness in don) gained. 3p at 288p awaiting Matthews, however, a depressed Gray law (Holdings) with a better at -lOp. Overseas advices wsterdav in Kuala Lumpur- at 53 p; compared with G4p pre-
el Julv fi_ M- P.-Kent, up 2p at 102p, and to-day's 'interim figures; Thomas market of tote on the poor interim further rise to 5-ip for a gain of .. . me JP U P at I28p. Kepong Berhad as a foreign cur- suspension. Further Irish selling
Wettern Bros^ 3p to the good at Marshall Investments were quoted .figures, declined Sp more to 127p 9p. Mann Egerton rose 8p to 198p North borou ch ended 6p to the rency security; the MSI shares another 20p from Tara at
« active 233p. On the other hand, Geo. ex scrip issue at B2p. Among on adverse Press comment. on the bid situation and Wadham B00d a | «i© results ara opened and dosed at S9p after 575 p after they had Tallen to a
®' uvc Wimpey met profit-taking after Shoes. Footwear Investments In the absence of further Stringer added Sp at 54p. expected on Thursday. a good turnover. year's low of 565p at one time
le in longer-dated the recent rise on the interim benefited from sharply higher speculative demand,' De Vere John Waddington U B” stood Favourable Press comment ... , r ., while Sabina gave up 7p more
resulted in a results and came hack 3p to 113p. profits and improved 4p to 44p. Hotels came back to 198p on small out in Paper/Printtogs, rising 13p helped Ocean Transport add 5p to WefiKHeSS 1H uOlflS at 6Sp.
- -- - ' - - - « hi Shippings where James Deduction of the Sentember The Sydney Exchange being
year's low of 363p at one time
while Sabina gave up 7p more
at 6Sp.
The Sydney Exchange being
?ISED UNIT TRUSTS (p***)
§ Yield % S' Yield ft
Arbnthnot Ltd.. Discretionary Unit Fd. Managers
la 51.. Uanch. MS SAP Flneb’y H fie., 23 Btomfld St.. EC2M 7AL.
kO 4E.6 i 2.66 01-6SS <463.
1.4 42.4 2.66 Ui«-r , ftl&cSM*28 1U,7 S16.<i 1 4.26
.1 34.1 . — ! 2.42 n,,. Aw. .. 123.8 138.7 . . J 4.26
iiup m h Dippings where James Deduction of the September The Sydney Exchange being
® p 135 l > * d aod dividend payments coupled with a closed overnight, Australian
British and Commonwealth 3p to setback to $97.75 per ounce after shares were generally a few
279 !*• $95.75 in die free market bullion pence lower in very quier trading.
In Textiles, William Uttley put price produced sharp losses to Hampton Properties, however, put
8 Yield S Yield V, S Yield S Yield lexuics. wuiuun umry put price produced snarp josses in uampion rroperues. nowever, pui
la) fo)KevF mrfMiimam LS fa) National Westminster i r*\ m 0n J - P to on the return t0 South African Gold shares. Sell- on another 4p at 56p owing to
i .0
. 42.0i
1.4
42.4
.1
34.1
34.4
'.6
40 . 6 :
a
41.1:
i.S
25.3|
7AL. 35, Mint Street. EC2V _
»KerC»prwirnrtl66.6 68;4;^1: 2.60 ^2.a
KfyEsemptPnml'93'.X 98.01 J 4.49 -ff-J
»K(.yIna«irtrn4’71.5 75.2l-i-D.4l 5.68 m"!
vffev K.P.I.P..... 181.4 84.3- + D^i LS8 * 0ruwtUlnr 75 - 7 80 2
U1 4l.l: t 5.30 UM&ridiuil fls.. -0/43 sooth St. Eastbourne ivlemwort Benson Unit Managers
i.5 25.5) .. 2.50 BN218S33 3S71I . 20. Fenduirch Stmt. E.C.S. ' M-S26 133
"nil Tst. Hers. Ltd. 3S S _ 2 - ? : I yILH-UmiFM lm-,65.8 60.54 ' 3.9
.. Ai'lrttmry 0C96 SM STSf'inv' Se Sh'Sla ffi* 0,1 238 •K.B.lnit Pd A.v,58.8 63.7| 3.9
=13 2-fg P:J 1:1? •“ «*• *»**•» • ,
it r 7! jsi 9Miemn 1 011 T " T ' 54 B 36 8 - 0 - fi -° 1 L & C Unit Trust Management Ltd.
in Brentwood Essex. E-P- Fund Managers The Stock Exchange EC2N 1HP. 01-388 2M
Inricd* (02774) 53108 W. Finsbnrr Ctrau. EOM 7RE. 81-623 75S wL k U CnltEnurt ,8810 89.8) j 3.6!
MO ■O^bW.lWJO 41.T + 0.«i 8.70 - Next dexlin* O^ V:
ambro Group (a) Emblem Fd. Mngrot. Col Ud. «« areflswe to pnbtie eeneraiiy.
m, Bn-otwond. Essex. CoptliaU Areane. ej^2. 81-628 om LS. Fund Managers limited
leitoas (02774) Hlffl Eml^mdept. U..88J «0^( 0.96 jjg, M0 nam«t 3U ECJ. • 014HS48®
*2 . WVn SBtocripdm^daT Oct. 9._ iTfciiaiMnSf-pt^ae.a 38.5) 1 1.51
'SSI 131 vOmwtu Inr 75.7 80.8 3.351 xrenaDie to panne suei
(a) (p) NEL .Trust Managers Ltd. 1 (a) Security Selection Ltd.
anagers Mil (on Conti. Dortons. Surrey. 5W1 1 29. Mloctap Lane. EC8B TEEL
81426 1531 VKriMr .....53.5 56.3rf 3 - 07 I*UniTGn)inbTM.|88.7 23-9] ...
1 3.91 r> u j t i lAenun. L'nhal — 182.8 24. l|. ...
.New loan tq.r U- ioa.uiCKt.Mia — z.u > . . ei_,™ iv-n... nu
NowCnart i dl F d 39 o 104+ 2 J6 1' fl ' Slater Walker Tst- Mngxnt. Ltd.
AewLoort luuni.S9.0 ..... 47-57 Greoham St. EOV JEP. 4T4T/8
vn24^3 es airti 81 ,z to came for A. Beckman, 3p small U.S. offerings were also unaltered at 64p but the Warrants
iL B4!o 24i9jd- "““!l b _20 better at 6fip, to front of to- noted and in the virtual absence hardened lp to lip. Couzinc Rio-
te to'pabUc oeneraUr. morrow’s results and favourable of buyers share prices ended at tinto were effectively unchanged
_ , ^ Press comment stimulated Interest the day’s lowest. at 255p ex the one-for-one scrip
be lection Ltd. in Charles Early a«J Marriott Losses ranged to 70p in St. issue.
te 'n E ? B 858 301 W * dc * 1 finned lp to 28p. Bond Helena at 980p xd. while President Little change was seen in either
Hbor "-?] 1 J-f® Worth, on the other hand, lost Brand (930p xd) and President Tins or Coppers, amonc the latter
a to 67 P following adverse- Steyn (870p xd) were 56p and 4€p Roan Consolidated being un-
. comjnent down respectively. Durban Deep altered at 260p ex-dividend.
The stock Exchange ecjn ihp. cn-588 2800 (a) (z) Oceanic Managers vs.tr. Growth.. ...i58.o 61.6 +6.41 3.60
wL t C DnlcTnut 88i0 89.81 j 3.62 Pinners Hah. Austin Frlara, L«6on. VS.W. AMet>Xrta.!48.3 51.3 + 0.4^ 4.28
^ ^ 1 E.C2. 0I4MB nn VS.W.CapUaUas. 33.4 3S.&+M 3^4
OajwniiiSxjnpt Fd 48J 50.9 i 2.73 vS.W. Raanl Trt 34,7 37.0j+a5J 2.00
vCirowth (Atwuni45.8 48.7)0 +0^' 3.54 vS.W. High Inc... 54.9 58.4 5.95
vGrowth Income.. 44^ 473*1+0.2; 3^4 re5.W>iWt»l Tsti453.1 464J'+4.SI 3.50
vProgrpidve. '27.1 88.8!- 2.17 WS.Tr.s,tanuCh*a:22.0 B3JSali+0.1! 3.17
[INSURANCE, PROPERTY, BONDS PRICES PAGE 45]
OFFSHORE AND OVERSEAS FUNDS (p***)
5 7.9 i +(L1 3.89 Mot available to public generally.
Hie} J 3.75 (o) (p) fiqtotas Securities Ltd.
35.8:— D^i 3.94 41, BlshOpagatC. E.CX ' 01-58S
VT>iIiBm«n?jpp(-S6;36
VlaUatnan lut.._!24,
"a n IS II Oi m-58S Mil Le ^ aI * General TyndallFund vl.T.l' 23.5 25.0ri-+ 0.2' 2.97 ^accum. CnitM..i663 71.11 +D.7 - A mM . PmMcc Inn Mntrmf Po naeucy norm n,r xu.oo
1 fill'l l 3 57 iBSB 69 3 - 9 66 « C™™*' »»»■ 8272 32241 VPorforTBanre 47.6 50^+03, 8.M Price at Oet 1. nddiftSwr.Fdfcl
is a as^sss^ss sadsa 2 > gssff2f'3SfirB?ift > - sss*® sss
».1 55^! I M AmcT “^S. hU inwombe 32813. Km «*scriptkm day oa. HL U4. ou Bread Si„ eczp 3YH. B«4 «M-22« sin. Australian tav. M«" Group First National New Woi
JR 1b 9 VEqnitj \ to ..49.5 62.V4 9. VI 7-^ Uovds Bank Unit TfiL’Mers. vPan Growth WiMA 25.7—0.1 2.6B smart Amci.Fdv — 1 — .] — P.O. Bm 10U, HamQton, Bcnnoda. NeI M8Ct vaIaE ***- *•
7.6 50.4+J.Z' +-B9 J l*; uioyns uau* umi 4SI. mgis. *\Afcum.t Qiiai._25.0 263—0.1 2-68 Snndani CaiLv.. 75.6 . 78. 8 1 1.59 r . . „ n.,, i i i (V^WmUIUIU
J O 9S3,tO.» 4.QB Family Fund Managers Ltd. Rwlman Dep\. The Causeway. Gorins vK&M Income Fil'BB.l 29.6 —... 5JS0 Areuwutoian Pt<7S.5 78.8, | 1.59 ^ Alt’ 48 I - HilSS? JiSfl
5'5f Ti^flCatohoiise Rd.. Ayksbury. Atr.BOU tor Sea. Worthing, Sussex. 01-823 im vPkvl SI'atgiiTM.Sl.6 33^— 0.1 3.64 Withdnwml Cuuiv753 78.B 1 j 1.69 Ltaltar — I r- ^7 78 -
H 2 |JS; i:H *Tton wn u,->' Un a.63.2 66.5~0.2i B .B6 ;{ tit 36.i-o.ii 3.54 pn« « s w.tL m ***** a. \ r.:j - iid
1.6 47.2|-i'i 161 ^ Hflona , Equities Limited taw™*?* 49.3! — J a!89 Cp) (x) Pelican Units Admin. LM. (a) (0) Surtovest Fund Mgrs. Ltd. Australian Selection Fund N V BlL of Bermuda. Pront St.. E
*r Un. Mg. Co. Ltd. Finsbury Pavement. ECSrP5nj.1h-«38S83S vDn. (Accueq) [51.1 53.61-0.1 2.89 SL Spring Gdns.. Manchester. 0S1-83S 3056 140. South Su Dorking RH4 3BV.. . m WenyPeFiltoepESi Bd«B2.4
:.C. 01-806 4810 FirtfS»t , lrtn.«lh.l79.0 189.0 . ..• 2.08 Thinl lm*.... teB.S 7L8| 5.04 uPelimn Cnlt*.... 63.4 65.8:-rOJ 3.01 Dorklag B6M
12 41.2*4+0.6; 3^37 Prk« on sm. so. .v™ deaiiiifi on. a _ Mn ^ . (a) (b) Piccadilly Unit T. Lti £8j+ £* 311
Unit Tst. Mgs. Ltd. FramUngton Unit MngmL Ltd. - . Lloyd S Life unit TsL Mngrs. Ltd. 1, Love La.. London ECSVTJJ. Ol-msGT-M vh^WnbOrW Ua'44.5 46JB!+e.4i —
'..CA. ..- 01-333 41-0 4, South Place. E.C.2. 01-623 -flWK n-8a. Gatehouse Rd. v Ajiestiory. (KS6 5M1 oExuv Income.-. ,57.7. 39.2' 1 8.00 vGrowth Fund.... [57.7 6O.7i+0.7I 2.41
1.6 104.8, J 2.57 vOipiiHl Tnirt. ...:63.4 66.610: : 3.33 Riiullj- TruH t.T.196.4 101.5; -..—I '— , vlncomeiGrowth SO^ 35:6! i 3.30 . . . . Tann*4 Tot t«
,9.8 1471 -18-13 .i™ Tnirt.... [57.0 60.0, ; 4B0 Neat dealing dal. Oft 1. - . * 8?
S Yield % S Yield ft
, |4fl . Fidelity Mngmt. & Res. (Bda.) Ltd.
m. Bezmmla P-0. Box 870, Hamtttoo, Benmtda.
Si i inn Fidelity lot .Fundi 521.85 j [ —
S| ! *' uu Fidelity PactflcFH' 524.01 -.... -
. f,. Fidelity U'orlri F.i 10.83 '-dJ® —
Fidelity Ster . Fd*. - I ! -
First National New World Fd. Ltd. ocintFn.lSept.lT«3.5 98.1
Ket asset value s««- s. iBtoi Save & Prosper Distributors ]
Free World Fund Limited 90 801 I4M - Hamilioo, Bermuda.
Bntbrileld Banding. Hamilton. Bermuda. Vlutl Grn'tii Fnd[r.«se.54 7.16.
N. X. V. Aug-31... i l'S3133J96[ ; — ♦Dnllw Fund I- >64.53 5.M,
rT ♦JanUnaFrEaalFlSS22.9 226.C6i -
u.T. Bermuda Ud- -etsepro vssi2.48la.64! i —
m 5 Yield %
Negit Ltd.
Bank of Bermuda Bldg., Hamilton, Bond a.
NAV Septal 1973 602p ; , _
Old Court Fund Mgrs. Ltd.
P.O. Box SB. SL Julians Cl. St. Julians
Ave.. Guernsey, CJ. Offll 35331
^'? q, £% S * ,pt ^' 4a - 9 516 : *- B1
OCIntFml Sept. 1793.5 98.1 | -
Save & Prosper Distributors Ltd.
PO Box 1434. Homflioo, Bermuda.
Australian Selection Fund N.V. | o®^ lra ' Bnafla - 1 ♦ii , «>n i t«v. r A88.20 a.96
DorWx ® 0601 'k'P^St'tolSeptZR' IOZ.94 J-8J1I -
2851 2.93 f.-SSLlf.-gL. T aT.DirrdTjSoptZB! B4S6.76 |Z..| -
SB b ; o. 0 joJ 4 dp I'.S. eltiisnarea...] tiSgb.da -■ —
Seat subscription day Ocl 4. Grunshawe TfflL M a n agement Lti
60*71 +0*7 SL48 ft AttOl St. Douglas. *0J4. Douglas 48
OU./1-4-U./I X40 n — . Istonf Man 1W». .Xtt X 41 Ml I * r
Bd 6 22.47 I —
102.94 UajTI -
♦Hampstead. A515.E0T7.05 • —
Dealings Monday, f Dealings Wed.
1.6 104.8, J 2.57 *Q,pU,U Trust. ...:63.4 66.6W, ; 3.33
.9.8 147.a[ ... J, 5.13 viucnme Trust.... |57.0 60.0) ; 4.80
Utoconi *“* ^ * Friars Honsc Unit Trust .
ord Fd™. 01-334 S521 ft Mooameai ftC J. I1-4M 4W
Banqne de Bruxelles SA. TroaL.aaj 41.6*1 .
2 roe He la 1 Reger c- B 1000, Brussels. Hambros (Guernsey) Ltd.
Grimshawe TsL Management Ltd. jL H 22 <££*££ WafiS ^ *
63, Athol St, Douglas. LoJa. Douglas 4682 C ^ eaps,de . E C — - 01-aS8 4600
41 “i ' a.S'ffSS'i 3 ; SIS3S I !:?!
md'ltdB?. 01-334 SS21 M. Monmni.nl Street. B.CJ. 8 ^ i, Flnrimry Square. E.&2. 01-606 5811 PbrUulio Capital- >93.0 9BJI- +0.1; 2.12 34 ,
ursh. EH2. 631-365013 Kriam Hm. F,u..J..;97.0 ■ 10S.D' + 8.6, 3J9 ^cIpSlPriSty.ffll.D 64.6[ 2.45 M*** 2 50 SSSSSShSM ItStoJ! liw
1.3 68.0#+ 1.4» 2.98 pi-iends' PrOVdL Unit Tr. Mgrs. Ltd. vriuwwial IVrtt>-;i9.6 20.8: + OBj 1.75 Ftivmse PertTobo .. .51.9 34.5 »Xa«« Equity— j43. 8 46.4 [ 3.99
!:1 mil 1 !- iS SWSte® SSflaS I &L‘S2 ! 12:S]5iS
1.4 58.6'+0.4,' 2.69 Vl'nreitoTVL CW29.4 31.1 J |.21 wLiuidon W«411 ur.28.7 30.5itt+D.a 2.55 Eurwe Hs., WliL Tr. Centre, EL 623 SOT ^rgetGtmrth.. 52.B 34.9 2 B2
1.9 30.6tfifO.B, 4.12 V **"■ lts^i-3 - 44.1. ^ppeinl Sic*. 24.1 25J|+0.J 1^0 »P«*ctksUS«|>L£6 119J12B.IW ...... 3.07 XusetLutern'alFd J 24J2 2B^L-i.l 2J12
• « TC A' ' Tr Aft . M mm h. mgr v ? 1A. a * — a X IE B. I * an ■liiMnm r<irtn\ tdR QtU Owl X M --r_. — T inn A AA Al.aa m ww
Portfolio Fund Managers Ltd. ' Breams Bldg&. EC4A lEU. W-a-a vm\ Pd.FiduremBP...1.098 1,142! ^....| 2.86 1 Hlncl Court. Sl Peter Pan, Guernsey.
Tndnlgar Aug 5L.I
10 Charterhouse Sq.. ECU! 6JU. lQ'2aiQ54« £xneer House, Gatehse. Rd., Ayie*nry f BenU Fund LF_! 1.952 2.0121 8.35
Furtliilio C«pit»L.’93-0 98^ +0.1- 2.12 __ v*® 1 ®®*®** °“® ®®*} I Remo CapLF......:3.477 3,585; Cap
™ ^ u ^ b S ^ 86 Shareholders Excalibur In. Cp.S A
Ch. Is.Fd. Oct. L. 1127.6 134.2]+ 4J»*a.80 Rae Notre-Dame. Lnxembomg.
Ch.Is. Bnt Sep. 2fl)44.7 47.lj+fl.6fi;B.10 XAV Open Oct. i; USS7.26 ; +0.08; —
1.9 24.0
i.4 58.6
1.9 30-6«tf
i.4 35.4
i.4 35.4‘ ... • 3.46 C.T. Unit Managers Limited . . vSrronglieMUnitvSS^ 35-Bj ......| S
i:i S:S; + . 0 : 3 ; iS “ “-“VS *«> ■«.* wedderbum u d .
!s 5 0 iro 3 tS:f 3M ,js-si ■
35.2, ......| 3.40 V(Aosum.UniuL.:148JllMJhBa ...
bum Ltd. Provtarial Lifc lnv. Co. Ltd-
2 ' 50 vitosM Eqoiry.„.43.8 46.4 . — | 3.69 Hffl Samuel & Co. (Guernsey) Ltd. Singer & Friedlander Ldn. Agents
d. rn.-tBj.rat 157.5 161.5 4.73 , SLefevre Su St. Peter Poo. Guernsey. Cl »■ Cannon Street. E.C.+ 01-218 9643
oogg fin. Am. Unit..; 169.8 174B . — 4.73 Tokyo Valor. 314.76 - Oucmsey Trust...) 120 J 126.6,— 6.4) 2-22 ♦Defcofonds IDM 25. 18 26.60 -0.10' 10.10
3-07 SgffiSSS^Itl IS Bk. of London and S. America Ud. ® U ^ a “"^ ers ? s ^
3.07 lar. Ta..22.9 24.6'+0.1 2.33 40-46. Queen Victoria St. E.CA 61-248 8622 s S I l?67 i>:ml1 *' l n xn Tst. MgL (Jersey) .
VlhrgstPrfSeptl9, 147.7 152.3 3^4 AleoumderTuad.... rS89^7 171073 CSSI1 ' 67 1 ^ =-# Church St.. St. Helusr, Jerew. 0534S7361
•hrMT Inrnma M R SR t R R1 ii mi ■ ttcdc im ! Jnnnn X~ E-n.t Cn- Ilrrmrth Inv-mm- :M1R 1 SIB ft. • ■ n'j
Hifi Samuel & Co. (Guernsey) Ltd. Singer & Friedlander Ldn. Agents
8 Lefevre St., St- Peter Poo. Guernsey. Cl ft Cannon Street. E.C.4. 01-248 9643
OwrnKyTrutt... l20J 126.6 —6.4) 2.22 ♦Dekofancb. IDSI 25. 18 26.66 -0.1010.15
HflKSamnel Overseas Fund SJL uwta 3ept28...».: pu, b i202.7B;+ii.ra;4.i6
I Si. A.-.- 79.3
>4 635rt l*.a 3-99 KiL Uu98.0 100.5! 5.00 ib)Oi wvra» l ulu-27.3 28BI
gr'jni jrut ILT-T vTatga Income... -23.5 . 25.31 ' 5.83 EuummB Hides— ' USB5.137 —
53C 1ft CunwnSt.. London. E.G4. Bl4H 0aT7 uTarKd FVo -14.9 16.51 _. ..;i0.29 TroSa...' USS12.83 ...... I -
152 ♦ProBflc UaitUw... '61.4 -64.7<d! + 0.4 £.10 ««, b«m nhu 1*
1 (a) t g) Target Tst Mgrs. (Scotld.) Nel ■“** T * hw Sm - l8-
td. (“> (0) (c> PrndnL Unit TSt. Mgrs. 13. AthoO Crescent, Edin. a 831-229 8621-3 t *a
4.6 51.9 -6.1 3.40 f r AttaTvt u™ 1 m Metrop. ExempL Fund Mgrs. Ltd- <“> ' (c> PrndnL Umt TSt. Mgxs. is. AtboD Crescent, Edin. 8. 831-229 8621-3 Wa _ OTBrc Fleming & Lo. Ltd.
enh rt.tr Spot, 2S 1 \a\ (?) ** A. UHi I m. LUL ^ HolbOTS Banc. B OX 01-40SSSS ■Tar*mt Kffarb a oa ai i a B4TUIC3II1 (J8TS6y) Uffl- C, Podflef StTfiel, BCBU Kong.
■ t !-? X L r4 a 41 KKbopSKafO hid, BUJErtcax (02774) JJ1W GoretollM R«U Ayletfmry. ICM5B41 - Pnjdftoml 107JI llSi 3J59 tSmZTm B f£fr-4Ll! 5 04 PO Bor «S.SL. Hello; JiW-OL 055V37806 JwxiljieKMtn Trt ffHJt r S348.20| 1.00
ro there & Co, Ud. SS7.7 29.4^0.1 3.77 lIEFDto. Cults-, l|i:g 166.61 —.J 1.63 -".* OT - 8 11Z * - - 3 -* 9 SSKSSSIS;:® Baf!^ 1 L47 KuropnWreriFd-iaSB 88.21 i - JardiueJap-u F.*|‘HK8233J7| OBO
L i K .4ur TSS Garrard Management Co. Ltd. ' ^SSR^SSSTS e S^ U ? on **?*■ ****** Barclays Unicom Isle of Man Ud. S?A^Tse^ «7& %***■
« I«di. ; J-10 IHP. MNW Fund Maragcrs Ltd. ^ C ° ,aB * n ^ ^ 3«- Wood Street. E.CJL 01^8 son SJSSffiPiSlS wfiw Jersey IntnL&MaSemtUd.
flay on. .W sijmulrenr Tnm.^a3 100.5; ; 3.08 ltumpr HouWi £^4, p^n, yse VBromiSecaFHndiOS^ 97.Bi 3J3Z 9TB IT Ori.II975-.43ja 45.5nf + l.a 3J3 IdoriJUUm Trust. ,47.4 49.9| 1 6.01 g-. ™ St. BMIgl Jwhj. 0534 32271
iresslveMgmt. Co. GoTett (John) . »Urawerfnn.L...!43.3 45.3: 3B0 Next mdwetinflon day on. 9. Transatlantic and Geo. Secs. Co. Prices at Sept it. t.'. ua817 Be > ■ — I 1 - 41
. u^sfi tiSM 77. London wall, E.02. 588 389 Prices ai Sept. 28. Next dealing Oct. 1. Not available in public geaerally. 91/99, New London Kiti, Chelmsford £1131 Jersey Svgs. Bk. Unit TsL Mgrs. Ltd.
Trades Union Unit TSL Managers
200. Wood Street. E.CA 01-608 Sff]
rtay On. M j vN)nixlrenr Tnm.^8.3 100-5
*ressive MgmL Co. Gorett (John)
01-5S8 60M 77, Luadon Wall, B.CL2.
i?'! 1I4 V “"j Nrtt ® aUfl * i * r ' 0eLS -. - Morgan Grenfell'Fnnds .
•on. ». lOct's. Great Winchester Unit Trust < Tabemade street. S.02. . 8tSBS 454s
» public generally. M. Mocomem SL. E.CA OMSS «51 ^[^apltal Sept X, 130.0 137.5! 2.10
Caud Cl L li"* 1 Wincli*uteri28.a 29.7; 3.80 ■KxeuitFd Spt 27J107.0 110.0 2.60
. rr- MXfiia «t-'W*utorift’atfplB3.9 25.Bj .-..J 4.47 Wat Income sfapOfitTa. 49.7) 1 5.40
uffS* ““ Guardian RoyalBc. Unit Mgn. Ltd. «■» - .1 »•«
19.6 * . , i.B6 RoyalExcharSM^ECSP SDN. 01-881 1921 'Ne« mb. day Oct. 35.
16.0 122-0i
20.0 125.0-
day riri. 4
Next sTJbetriDtioa nay on. 9- Transatlantic and Gen. Secs. Co.
Not available lo public geaerally. 91/99, New London KiL, Chelmsford 31131
vBazUcan SepcA7j79.4 32.6 • 3.71
(a) Rth^hld. & Lwnds. Mgrs. Ltd. vAcrum. r&iu....!99.6 103.71 3.71
Hew Court, SL SviUda’S Lane. LHP., E.C.4. ®2- 3 88.31 1 3.96
— J 6.83 UauamaB HJdna— ' US35.137 ..!!!!, — Japan & Far East Secs. Man. Gron-tb Iuvester.;202.1 212.6- _....' l^>i
-. ..iio.29 Btauhope TnuuJ UBS12.83 |-.... . I — Connaught Centre. PO Bax 560, Hoag Kong I ™<™rtk«»iFd..:B&5 72.1. ; l.4j
Scotld.) BeI mK TJ *“ Sm ' JapauAF&rtSeplll BKS1D.85 ; j 0^0 Value at Sent 23. Next draling OcL I.
1-229 8621-2 „ ... . „ . ... Jardfaie Fleming & Co. Ltd. Standard & Poor’s IntL Fds. s a
. aas Barbican Managers (Jersey) Ltd. e. Podder strMtTBong Kong. 14, rue manner .
£■-; J-g PO BOX 68. SL Reiter, Jny„ CJ. 0534*886 Jaidiue&rti. T« 1. 00 -VetAi^vXSi'sS^ 7
. J ii” Nurep'n (Steri FtL!83-3 88.21 ......i - JanlxwJapw. F.*rffK8233J7 0.80 (r i ~
S«*>- toft 3L -Equiv. m CIWSC £t CJ- Ud. .
Barclays Unicorn Isle of Man Ltd. , nav tsem. is. tAug. 21. “ i exSK>> - B34 sssa
01-628 am n> Partianyjm st _ > Ranney. TeL 3551 Jersey IntnL Fund ManagemL Ltd. t *P | *Jv j *J«v*fy.94.4 96.1 ; a -a7
► I. a 3J3 Ido of JUten Truff.|47.4 49.9| 1 6.01 ff, M Mto. Jersey. 0534 322ft Nen SUhscriptioil day OcL 3.
es. Co. Ri^usOT.n. u» l .n .o.b w.. 1 cslirss , 1..1 TaqsatTtastMm. rCm.., ...
™
30.6 158 J' » -l.ea|«dinrlbMidridA : UM 126.I' .. ..Ii L32 *lio. Kjud Fimd...;100.8'10fi.S 1 ...:..) 3^6 ' '' . vBartdcan Sept27:79.4 82.6; [3.71 Bardaytrnst Frontier Mngmt Ltd. ft New ; SL. SL Bdller, Jersey. 0334 fflKSI •fstUffabumLay/*]^ IJ82- *
tt.S 167.6“ 1 1.68 oD.*, Aeriioi.l'nit , 136.0 14l.fi; US2 Prices at Sept- 28. Next dealing On. SL (a) RtiscMd. & Lwnds. Mgrs. Ltd. vAccum. Czia*....!&3.6 103.7 3.71 PO Box 1255. Hamilton. Bermuda. L ? i “ -4123.9 128.9) | 4.77 •Cayman S ; _ "
: d*T OcL 5. . Morgan Grenfell'FnndS - N<w Court. SL Swithfa-s Lane. UJn.. E.c.4. “■* [ Bt F Growth Pd.. US $6.57 +0.l4j - at “«■ “■ Next sub. day OcL 3. Prices at Sept. 28. Next sub. day OcL a.
F'FBK «2i -“-I 5-5S ■SwSJdffirioi.o 110.0,1. — 2.60 Rowe & Pitman Management Ud. — I si ° ” J m- ies-07 8.55 — — 5 "■ * US37 -«
' «e qBZ.B 25.2! ! *.47 Waj Income Sept2647.2 49.7| 1 5.40 woolguta Hit, SL, EC2B 5Bt- 61.7 65 0 I'll M&tg An»tric«»9.0 43.0 -.... - IWte* Europe.. \x w.TrJZM ...... 0.64 Tokyo Pacific Hdgs. (Seaboard) NV
Pnaal XV- II„IfU M IM vL.' Aon’. Sejl-CT .^12.65 13.301 —.1 2.62 * ’ “ ' ffiS* 1066 So a ?To » F 34.5, 9.22 Key ^terBu^pe..^ 617 _ iDllmis . ManesemSf Co.. Mail:*
S^SSm^iJo S 2 =i « sfjssiise ! i ^ =
Prices « Sept 17. Next dealing OcL 15. ^'ok^o Sept. ^7.7 1017*! Hi lio? iiSSZtE^ VsSSS ““ -
rT “■■■' 5-Ki Bt F Japan Fd .USS11.28 -
l 2?-?i f-27 117 Group FlL :0SS1L58- 0.3
SHl~HKS BtFdSlB A»eri«l3?.0 43.0 -.... -
— — - “ “ «w- -*■ next suh. day OcL a.
o~», WImam Ldn. Agts. Tokyo Pacific Holdings w v
8.31 Mia Street. EC3V 8JB. 01-686 7070 iniimig Management Co. k ii V,,._
o!s3 I - 10 “** -
— _ Fonselex Bnrope..|Sw.Pr^i JB6 0.64 Tokyo Pacific HdgS. (Seaboard 1 NV
3-98 j «^y|ftiiariihillT\75.8 77.7)
3.2i (xy (c) (2) M. & G. Group
. 3 Quays. Trnrer Hill. ECSR 6B0- 01-826 <S88
. , u . Sriilalttt Stock Excha nge Dealings. '
, " 01-606 1066 *G r'teh.’st'r*Se{d^94.7
Rowan IuL FmuL'81.4 85.5' ' 2-34 »Lnd&BrT»*Sop85,92^
Next subscription day OcL 15. *3£arlh«uSei*. 1847.2
VAceom. rail* — 48.0
iww available to public sxnerelir. pMmUh .OclI 71JB
Save & Prosper Group -Jj.?
*UerUnYld5ept27:4e^
VAeoun. Units... .'47.1'
65 0 — i'll £^ d ? , B J V“ eric *wo2 S-2 -"*! .Too Europe_Sw.Pr^^M . — o.64 Tokyo Pacific Hdgs. (Seaboard) rvy
BBS lift Bt P Stag JacrmKgaJi 34.5, . — 9.22 Kuyrote* Hurope_^88 617 — iDtlmte Mnosemm Co.. AlVCura^
B9.2j 1-W BtF Stn« Japa«L.l53.b 57.0| I - Japan Gth Pd...... !UsSl4.Bli6.7 ...... ~ NAV wn gharg it gu^uf^
49 ll 247 aum:b »■ HcUer - J<W«r. Kesaete* Japan -*7.05 7.47 1 _ TrancurlnKa, a •
49-9 1 2.47 mw«i^lne.Fd 1 |42.7 44- 8-— 0. 6j 7.78 King & Shaxson Mgrs. (Jersey) Ltd. Ferney-Voiiaire tainj. FraaaT' 10 ** : :
74.71+1.1 3.11 BtFG^iseylne.Fd..42.7 44.81 — 0-6 7.78 20 Queen SL. SL Halter Jtn □ fiJCW °*t sn r Pi,n,i. ance.
Miw 111 BtPOwrIncFa - :4a - 7 7TO ^
48.1.; ; 5^4 m— r+d Next sub. day Oct 3. available until further mure.
rust Mgmt. Co. Ltd. S«:ato Stock Exchange Dealings. gave & Prosper Group
£.0.3. 01+CS ®51 ' skin's B3Jii i 2 72 4 ^ Ian'S iSn'i'in'?! *■ dL ft Batons. iJJUdOB ECSP 3EP-
ii a B52 0 . 4J16 IjM'lih® Step*? ?vB- ij !■?? fiArwim Utaft*1..,180J 188.1+0.1 381 ni^ss 1717
i7 0 17441 ” .' 2.02 ¥H'dGt«sabept27i 150.0 156.0 2-37 yM A O Second -.15Z.B 138.1. 3.33 bo&ia m tMUEm i -r • nu^u ru ofi*owo,i)
5A'S a 4 b a — ft o“ - WArcmn TnUiO 168.0 174.7) .1 -5.33 J«ann*s m tsit-ssa Kffla ! uA^m. Unto4.TT.50-8
' 3 (O) SBI Samuel Unit Tst- Mgnr. . *U 4 a,HWIai«L:i21J 126.^-0.114^6 BmttDe_Hoi». SS-73. Qnsea SOW. EMto-
Next sub. day OCL 3. w ^ 1TX Croyflm Ctti» 6AL. 681 lOSl v)AcW> Uniw>-..;1B5J 16 1.8, -0.1 ; <k36 bursh EH2 OX 021-230 «51 vAerum. UnluT„^9.0
3.0 9W)'> 6.45 aarMPritiah Trust.. 120JZ 12G.6— 04' 3.17 VII & G- Ditidud 86.6 -90.1. 584 alm ~ n n , j, ,,, ■ j- *1(101 available to 1
W.0 no.oxi — ; 8-7i Stthm... iio« iis.b,— oa i.bs vcAcemu lihiift.. las.* 127.5; 6^4 f™* Securities Ltd. {_ . L _" uaoia w l
3341 Hit 2.71 r;rtihdterTnwt...42.6 4B.4l-aal O.B5 VM A Q SiwriaL..i 120.0 l24-8ju-0^ 2.49 4. CL BL-Betem. EC2P SEP. 01-531 0092
\cxx dcjlClB Ort. 4. vjicapaal tnirt* 23.2 245. 2.70 tuttrt~.jl30.7 13SJ!-0.*1 2.49 ^dvmri Growth 57.7 BL0-0.1: 1.71
I If «• office Limited wMP*iwir*ilTrt..;63.9 65.9c* -03; Ml G Uag mFiJ^SiS 240.S -1.8- 258 Aonmtor.525 55.8+0.1 2.72
viMliicmieTnirt.ilTO.O 179.Hi '-5.18 Vi-Vcuin Unlt«1..J2525 260^—151 2 JIB vaennal- 525 55.4+0-1. 3.54
A^\ bAL. 01-3JS OTW JJirtf^pnrijy Trsst'38.6 40 6uU— O X 354 fM S U P.l.T.i.67.6 59.91+ 0.1* 1.97 vHiffh IlMuni„ . 45.B 48.4 5.44
S S 2S - 5 +D ' 1, 1*48 vHlgb V jrtl Tnirt 24.2 23.4+0.2; 8.10 ViAn-uni DolU|...j61.2 63.71 + 0.11 1.B7 vCommadUy. 545 575m— 0.1' 452
3-0 »-6 , 3.50 ’ r “* ... w mbilvlded July 1973.' Cnmi**uml!76.* _ _79.4*+0.1l 255 vEnergy Inda Pd. 48.4 51.1 -05 250
XKUU1I j mnnasemeat co.. AI.V. Curacao.
NAV per Ehare SepL IV. SUSa.OsT/
Transgiobai Financial Services 7
77*81+ l.l! 3.11 1 Bt P Owr Ine Fd.!42.'
4fi!oj 1-8 5 Bridge Manageimen t Ltd.
vjuaun. enito.... +■#.* +V.U 1 ■« I j_ . .. . .
vVangn’td ttept2546.8 49.3*1 3.10 P-O. Box 503, Grand Cayman. Cayman to.
ssssewst afl= iff “Stj .+■»
vnn I ; _ ♦Burlnvert Lux Fl 1.
x m p o - Bo* N4713. Nassau NJ*. Bahamas. Ouanuev Inc...._ 48.4
NipfrtnFd.Sri£6lC553352 B.1B- j 0.61 Da Actum 152.3
. f • nm »ir.n ■m. rn .i l ^TrrV.^7r.TT. — NipponFd.S€9flB!DS5S352 55. IB- ......< 0.61 ,tta- Actum )52
• 1 - hoi available to pmule seneralnr. . +interlt*Ua Liim_j9.i
SEP, 01-331 oosc Tyndall Managers Ltd. Butterfield Management Co. Ltd. ♦KBinienut'1 Fd s
61.0 — (Ll- l.7l M. Canymte Hoad. Bristol. omsna P-O- Boot 195, Hamilton, B ormu fla. ?5 B ’’■PI" p ’ un !?' J
55-8 +0.1 2.72 Trndall Fund-Prices « SepL 12. ♦Bntnw Equlty.lBS 154 1-911 . — ; 1.85 l
55.4 + 0.1, 3.54 »lnnmiaIHsCnits , 102.B 1O6.0 1 . — ( 458 ♦Buttre™ larnmelBS1.47 152 757 *Unfl»ndi(GiDiij21
uHnuiiuiacmT-iftiiMw IW.IU,' 1 *./ O Mm availahl* mM! r ll . ••
Next sob. day Oct 3. available until further noure. '■ -
Kletowort Benson Ldn. Agts. - Triumph Oceanic InL Fd. Mgrs. '
50. Fencburch Street. E.C.3. 01-828 3331 S 1 - ■ St- Heber Jaxsey OsUSGbH
♦Eurlnrert Lux FI 1,112 1+10 , 1.46 F’o..4o.+ +o.o] -^01
Ouenuey Inc.. — 48.4 625 I 3.06 Next sub. day OcL 5.
♦Z^riteJteu'i^jfjM- 9^50| ."!™: 1.49 p^ 1 *^ Ltd.
♦KBlniertut'I Fd* S11.77 \ 1 (L85 301 i25 *- Hamilton, Bermuda.
Lii*_ 19.104 9,350, Ij
t’l Fd* S11.77 l OJ
rund.I 818.96 I O.
muda) 64.49 -O.B8I 1_
1| DujZl.OO E2.10l-0.10 7.'
053 “ Tm «“ 6 P4. D i>. -61.48 1,64' : 6.00
159 Accum. id 1.73 1.80 j ..... j 650
7.70 Prices at Sept. s. Next sub. day Oct. i
S-5 + vHlgb YirtlTniHt 24.2 26.4, +05: 6.10 ViAwuni rnlUj..J61.2 63.7J+0.1I 157 *Com modify. 345 3 7 5 a -8.1 452 *Ca P (Dirt rultej, 119.4 123.0 ! 252 43, La Morte- Sreet. SL Heiter, Jersey, d tolMteSLSL^ Jm im v
?:S S:* :*“• SSi -««« ^ IS Ili+S:? U? SafStfSKSSS \V>i ::::d IS
3.0 n J-Si!<0) (0) Intel ♦MJcQ Jmiair ^....102.(1 lD7.8r-0.3j 4.3^ vf^np £ Banding 52.1 555+6.2 2-96 Do. lAec. L'nliaj..' 122-8 126.6 | 356 L Paternoster "*!!*■ _. 0M4S Prices at Auit!' a.'°Dealhm day "! J* 0, Acb ^“— i^ 14 - 65 - I 6,
i.9 395. _ S- 93 I is. Christopher Sms«. E.C.3. 61-817 7243 vM ft O Kuropmn-55,6 68.6;-0.l, 5.25 xvS+lert Gth 3 ^ 101 J 103.8 1-97 vLorol Autb.Dlrt. 92.8 95.6 _.... 3.22 Mnnpa....- SSS^SS??- 7 ^ . B - ao r n .. _ Prices at SepL 5. Meat sub. day Oct
. N.-W dealinu Oct. 3.1 lm -. Kuml. 77.0 81.US 3.48 Tj* * ft-V 1 ** 10 " 15 ®-* 52'? "Hi i*95 *»**««* toe“ .... 875 89.1X1 . — 556 vlfe iAcv. I'nit*,.. 102.8 1065 3.22 Adi vein* DafJB.W 61.10: . — 6.65 U & B^T.. Management SjV. Utd. States Growth Inv. TsL N V
. . . , i ¥l • Vfi * W Au«. m- n 42.7 45.1,-05 252 Hommodlrt-PnE* 1685 177.S 553 Next subscription day OcL 10. SS 2 ’ 22 S 7 '5? L 40 Marriw. Case Postale 179, llu p.o. Box 1046. Nassau. Babam7t’ V ‘
•hipW}' £ Co. Da. , tinlriw MUemt Ltd. vM&G Fkr Etok ni485 60.9, Z.00 -prtew, m Kent ?« Knr cub dav Oct 3. ' Powli*. „!JDJUSSLM 24J0 1156 Geneva. ''assau, nan am a 5.
cun. B.C.2. «*■<•» I 8I-& 5668 Vlt«rt*‘rodilJ.Kri27.6 ^0.5 -"4.35 SSi l ! TrtldaU NaL and Comm. . .. 66756 60.78| 056 LA BT Uuhhw.i*, JWa.OBOLS, - 1 7 - m » °
50.fi 155. B . 1 £.101 ■ 5 1035 3.00>1 VA«reuu Vnh 179.6 186.6. +0-7- 458 c __ - w t . ( *Itt««jel>itCnlu:i325 137.0 4.74 Oen I O wesbnt.,7050 77.00^+ 1.00,2.21 LABT Jnuiine F*L ■Sv.Fr4B9.&60I.6; j — United States TsL IntnL Adv. Co.
59-a 164.9 5.10 1 h;nbpF^oF.^97.3 1035 wOmiW*. Srpdfi 129.B 131.6. ..,...! 456 Save & PnKpCr Securities Ltd. jvllo. lAus. l'nii»i. 148.2 153.0 4.74 Darito _ « IM . Prices at SepL 2S. - 14. rue Aldriitaer. Luxemboia^
N. « dealing UCt. •- RT *.»S3 100.8 [i:'"- 7 18 VFeiwIun Oct. 1. '1145 116.9; +2-1. 4.07 VLajritol. ..._.33.4 35.4-0.1 2.27 vCspltalDtorntta 129.B 1345: 354 £**£*£ * (*) (c) (=) M. & G. Groms I t-' j.TrUU Inv.FilJ S16.77 _U 9» n
Pretuli*. ..'Ii iiwm 2450: 1156 Cental ’ I
Hinpann 56756 60.781 056 L A BT Mulriira v. |S« JWfl 0GA2.S.
Oen'l O'm* * S n FV7050 77.00+1.00,2.21 LABTIounne KSl L> n-.Fr4BalM0LB; ".'.".'.i —
» V *r.mUnffr'UiFd.«;i65.0 172.0 . ....’ 3.27
N.-M dealing UCt- 6. ; illt|Uin lDCi F ,,: t;l0 55 109.0 J 7.18
b - ^ n . uu
"• 5^31 Darling Management Ltd.
, , „ *:* 7 V 1 VSunertr , »iSem27;il8.8 I21.6j — .1 457 *Fin'd*l Jsw. Fd. 7a7 745 t 0.1 159 * Du: lAee. lniu},1395 144.1
deal. Oct. 1L tXrxt draL SepL 37. | ^ ^ IvluvBUment Trt. 245 2«L6 2.65 i c— . ro ™k
it Tst, Mngrs. Ltd. ^} ex t deal. Ocl 1L tNrat dcxL SepL 37. T _
t. s-W.L 01-330 6125 . dealing Od. u. M. & G. (Scotland) Ltd.
05 315-^ii) 352 ta) (C) J ascot isecari ties Ltd. - 'S- a ^9 c0, JS^rt I M I
4.5 265, 4 6.08 51. Young SL.- Edinburgh a. 031-52S 6TO jnydriouvOr 0»j625
n.* ;u .i a0 i U ««,H 0 . iereiKp'urQlb Pd 76.4 805 tH rS 0 * 1, *" DeHa Groan
•nyitet-**u*ttr U>525 . 545i— 6.3 1.78 5?!. : . r.r'Z* 1 . .vrlriTwar vinnHi tutwmr. rtairew w» rav n*n>ib-fw i
uirllTr- PurJi Tv^ijina an."* SOoays. Tovrer Hill. EC3R BBQ. 01-08 4588
Darliuc ml |ASIS™J18.40| 350 ] ( Und luu. L'nlU.lllS.4 117,0^1 + 0.242.40
Delta Group Uland Amv. L'nlta.ll365 140.8, + 0.2, r 2. 40
4.6 25.3 ... - 8.08 Cnip'dFrtt31.6 33.6' ; 7.C
ssJiasi*! sSS ”
lo K Hi B « W WfcWWtlttUppB seofhitg Securities Ltd. , Dn*»«. 365; . j -
M ^ §1^3 251 < *«*»*«* E-m. n-am «n» Hi zTS fateramtineatal Inv. Fd.
CCA “"“J®® SSS infftoMT 32.7 34.7 - 157 vMutuml See Phu{415 44.4 +0.1 ! 4.35 SSSSSsT' 7 * si5 25 Do- Accm»...i3a2 40.2^-05) 2.75 P-O. Bax 173712, Nassau. Bahamas.
35.2f.Bte g-M SSi*N«ll«ail23.B 2451 i.M vftnute lj» W.»M OB.tWLl 4.90 475 IH M 528 (o) UfcteT Bank NJLV. Sept. 25_|i;GS1250 ; ]_
4.4 25.6(0; 2.62 Z, lTw« +lnrodf««vta4.e 37.9 7.40 wMutuainiueCliid385 405! «....} 453 SSSSHSr — » S w.w «IW roro jr+u _
"ft d V S^wSSSkST - “' 5 ° S S' S?M2S? SS^ T ‘.
^' a ssasafiissiw =? is sysawsr.™ IS S'™ i -i -
Kext Ort.S. (o j ( p) Jessel Britannia. Group . J£*r^l5iwe^835 Sfjil 5 73 *PWe» ■? Sent. S. Next deaUng OcL 10. vAuBrotoro 1«6.7 48.7^+0.11 aso . "Wet asset value Sepc. S&
on Funds MkL Lid. 11^ Fencburcb SL. BCSli tS3> OMCTISS vVstliiu '69 0 72.nl + ns 2*78 vCtplnil Ahobl. W.2 27.1 — 6.1) 257 __ „
r say. 0143; w« ,■ 15a 19 Bur— 0.4 3.64 Hipb'Vnronif '6IL2 72-Qm +B-ff 45a J- HenrySriiroder Wagg & Co. Lid- »atmii«n Truid.j4E.i ^4.3 +0.11 4.38 Bbcr M an agement (Jersey)
*.2 26,4. 3.00 SS^iftShjto SSS} i.N.MT5 “485 485...! 259 «»■ Cheiside. E.C5. ' W-38S <000 500 jJ |-ll 31 '.Broad Sl. Sl Hensr. Jorrey 05S4 msn
ZXn nr.,....! h.1.^ MV .-Mil t tt K-oao max 9K VFlMueml Fund,. 365 6751—0.11 2.7D chuuw! iW . . mart jini ..nr tan
IttESSKm*.
XX fir I ton VClyrle fj.irv. Inu.47.0
24.7,— 0.1 —
175*4 ..350
(a) (0) Mutual Unit Tst. Managere
4ft7^S:i Siel LnHa...3B.8 42.1+0.1 3.69 e»“ Wclorta ^S’a5S ltet «*■ S2SffinSW!*J 1 "
bS « +Hirh Yield Cnirjv42_7 45 lrf 4.95 Belfast CUL *Deltaln+. tiepi2&B8I.74 153 ...... —
746 JliL 450 JSK-lZ'®:? 375+65 6.18 *rtelw Fund Dirt ,965 MU'^' 256 Delta Unit Sept» 111.6 123 Jl] 1 -
68:91+051 6.63 vTrident Cnlla.-.. 665 +65, 3.44 ♦ Do. Aream ZOLi 10651 ...».• 25S nf»Ionta Fmul WnniFimumt j
60.1
rst. Managere Seothte Securities Ltd. _ 0 ^ *** »-
•JaMv*Niwtlmt55.B
4.4 26.6n} 2.62 v j U Mcxiamdtc 4,, f34.9 37.9 ._T{ 7.40 «MutuaiBlueCliip|S8XI
J-g ff-O* 1 458 JxV?i^toSr^«.J395 . 4251 ! 7.40 *3t«mnmiffi> VW|465
fg sS'SS ; vios with’di Cn..-:875 40.81 -....» — f a rt r o v National G
L A BT Uultiiray. |S»> Jt*r47a.0G02.5, _ 1 urov ™ LH .. ... 0.68
l*bt iniMine lu. 4<v.Fr4B8.&80i.G; i — United States Tat. IntnL Adv. Co. -
Prices at SepL 2S. 14. rue Aldrimer, Luxembours.'
(£) (C) (2) flL & G. Group l- i.Trw Inv.Fil.' S 16.77 -OJU) 0 7H
3 Quays. Tower Hill, ECSR BBQ. B1-G2B 4389 Ket ajea-t'
lllanu Iw. UnlU.lllS.4 1 rz.(hfli + 0.2 v;hT^J „ laiBe SepL “■
iHiitnd A.-V. Cnita.il 365 140.8,+ 0.2, 1 r 2.40 vavasseitr First Investors Limited ’
•Atlantic SepL 25 *1 ,666 2,0181 * — 16-16. America Square, E.C.3. M-tS& +>11
♦AuatdGandeptSS] 11 1,674 1564| ■ — As L'd A Prp Fund, BS1156 1 ,
* Cayman 8. Net asset value June 30.
to) (A) Manx InL Mangmt. Ltd. 1st inr. Am. Tr._, 1*54.1+ — '
ft Adtel SL. Donates. Lou. Dotudtes 4SH Net asset value SepL 5S.
1«L6 realty P-LInt.llng.PetL] USSB.45 [ 1 -
77.3 B2.3te ....j 6.00 Net asset value SepL 27.
SEjK’SMSJ SS+Tol 1 70 Unit Inv. Ltd.
S.C.H. 8ro*rth~_il015 102.6' I 1. Wale* Trusts prices obtainable from -
Samuel Mtmtagin L4n.°Agft ~ “ * T *“? T*? “ * 00 'I
U4. OU Broad Street. g|> » ei-ss 646* ®* Warbqrg & Co. Ltd.
Anchor QHLBdgej£9.45 9.43; _._. B.6Id ft Gresham Street, E.CJL 01-606 asny
it - iTn j . 11 . 1 r i-i Mittoi L'livuf Lmih59.9 63.9t+0-£j 3.06 M»7 • 68*3 1 aw-.ii 5,14 ^tfpCi 3fta*9&»0 102.3
2&Sb3Si% Sm 104,?— 05 tss ^ ruUjK. 80.4 63.0 -_D. I 1 3.18 ^Avrom,T,mrWl06.5 1095
*Do.WaUSt.<to,„525 34.0 1.78
■Anchor Awt lASl.10 1.17 ...... 2.08
Next spb- date tTucs. Wed. *Frt
NOTES
J Yield allows for all buying expenses.
7 ii an ■J«'|Km»uiU ni.<1005 1045— 05 4.38 wu-r 2>‘2 vj-Mpnn, IHU-
d. . Ay^wrs SMI Jj«-|Ol.d»l Gth. 80.4 62.3-05 8.44 V«i+iiril}r Find.... .705 '73.4+05; 35B *Iaeiit»h*Srt4.2c.Tza-* 1255 ....-
B.I SO.tt. + B5- 4.00 UZ5 1195-5.1 3,63 VbhauiroA 64.B. . 67.4 + O.ff. 2,83 VH\cew»: LnUiH_.13»5 1435 .....
7SCenl Group - 1 ^ : ffiF^.64.7 Ba,5;-05: 4.86 .425 4U'....!'M'MMUU W.O ...
a Manager* Ud. Jjen^ln'.'I.'rvit,.58.a . JO.ff+O.1 250 L , i, . ^ ^ m Awrna. CnUr 66.4 68-4
iteiwrehi (oi-2!S4j3i S«'| A'ew 1wu^.M.7 66.4+05 357 NatioBal Prov id en t Inv. Mgrs. U tL awa. U. 43.1 45-3
Uasch. OCl-SdSOCi ■yj.-,*iplntitA 60,0' ...-J 651 ®- wracriaurcu Street. ' 91-623 CD* VK.Vrcutn. L 43.9 ■ 46.2
b m aasaasc®: sSia-aj ’s’^sass^.: •w-.-.-j sasaassai
0.4 43 51 + 0,1' 6,08 9^rit.CiUi,P1»l7.;68;3 62.4; •Dlslrihm'nfoiis'39.4 . 415 ...i 240 4 XteanennfeFtJi .1764 A78.7
5.7 37.6) +o.2r 9.79 .•Brit. Gsu. Fuad.142.0 - 44.7, 354 Prices at SshL IS. Next desUui Ocl l • For tax exempt toads amy
»»etli. Group . . lu*.-. t nil «. 34.7 88,5 -05. 4.85
n Managere Ud. hhlnrt ]nv;'L-nir*.-88.a . JO.ff + D. 1 250
-Unburrhi mi-s»4U «Je»'l New 1 imn^.5S.7 66.4+05 357
Stanch. 081 -8SS £056 y^MrJaatAavtt.46.9 (HXO' — J 651
;sj 35. 3V 0.1: i.fl j 23.J
tS.B 47,9- — 0.2 1 0.10 vB^irM4enutP.--,365. 38.6 1 + OJL 6.4B
5.4 43,5i+.(U; 8.08 5 .
>'5.7 37.61 +Q.2[ 8.79 vBrit. Utm. >480.1425 -44.7, .— .| 354
}"£H vbil A Knerov...- 315 S4!sj-^1L2| 2 02 *■*“6 M - Rothschild 6i Sous lm *Hi»irtd&w-tFiiiiO, Lcip20.84 —
IS -.Sli im.KI! fill *» «s. mu smuud *0,12. k.'ei *““5k "sst--. -
g^g- Ant heny W rier & Co, Ltd. F. & C. Mngmt. Ltd. Inv. Advisers NeritSLA.
550 1 M. ^outmem SiTttT. K.M. R«S « 77. Lootlan Wall. gCTN.lDD. 01-668 SttB RnyaL Luambour*.
: U teter Urh. Fnd.. 24.6 . 23.0 + 1.6; 3.78 fen'ryFudriepiIfl: L f ^S758 ! ...._ —
| expenses . exeepr as?nt's eam nria«% i
! H Offered pre rr tachtees aU eswoses if
; bough! through managers, r Previous day's
: once. Set of tu on realised .capiiaT
• sains, r Guernsey Jriekt.. S Susucudea. ■
— ^ Noi. aratlabUf exchange rwn-mjuBx"
♦ Prices not tnchuiing s Pratuum -
BRITISH FUNDS. ETC. (615) [COMMERCIAL. INDUSTL (3,986) 1
3DC British Trar.spcr! StK. 1973-86 47"u># ] A>— B j
<:><■" BrinsS* Transport Si*. 1972-77 i25p* *a IBS ]
"/« , , , !ab Efacrronrcs tomuoncnrs <25pr udi
2 :pc Co*i»iifla«a s:». «d 2 -# ■'!» ■ ■* j us;® !
7 1 '« . , , . . .. Au Intni. Orel. (2Spi 98*;. New Oro. |
4pc wonscl' dated Li*. a4>'„, s '•* ~ * I , Zap' 99. ?',PtUn*.l.n. 65
The Financial. Times Tuesday October^ !«<■ ;
I Scott.**" Ontario In*. iZ5b* iws ’ . e entrust BW»rk i.
. .. .*Sfci
2 1 ’* . .. 1 Au intni. Ora. f2Sp; 98*;. New ...... , _ _ _
due wansolidatcd Li*. -:4i',„ = - *| .not 99. 7'-.?cUr>».Ln. 65 JgP J re «B <CD£| E H ^ II ^ «■ 4 B gffl
i from the official List for October 1
„ ' , , . , qT j •.» ; Aunn-.an Bros. "lOpl >d 13B 30. 4 -2Sp£ !
J- - 9Q 4 [ AoerseSn °* iho. 30 i -a 259 go 2 ?«"**• October 1 i 7.235 { Thursday. September 27 6.804 j Tuesday. September 2S V>
*>f* 1975 90 ■** ■ i Aocracen construction Group 12595 90o ; Friday, September 28 7.032 | Wednesday, September 26 6,924 | Monday, September 24 M
Funtf.ng Ul. 1975-S3 75'; •.
> 20 89 8 l
1 Apcrthaw and Bnsiol Channel Purls Com 1
■ i. I r i<> "H 1 ' (i. i jne n . * j j. ii i.ni r iC|k| Vl a c»i , ■ I nC IlSC uC lOW QlVI}9 IrW Anfi
S -os Funding t". 1937-91 rd SO ' ,<s I Acrpw 1 Engineers’ iZSp. ill 11 15. 8 ow Members of The Stock Exchange
*in 1«93 60:,® :,AiT %..# ! Uns.Ln. 76.;® , _ j □>•!» Qllielal Lilt. Mombcrs are
b 5 f! 1 „ L - n ' ,0 3 ® I Aowcii_ Group BccUni Ln. HO® cocci*. cuu, and the list cannot, 0
o,oc' fiM.ni. 1985-87 *d 33! '” : ® £?£ x ffists ® on-Vtg. Ord. UOp- S7: : ! « «' d “
< 11 1 »> in -4 . k • 7 • tdrymns are rccomra in trtc 0
3"..pc Furt^iPB SCI'. 1999--004 i Pep « ^ <« ' AJar<ghl and w . Ison f25v»i Ad 24^ «; j trawaeilons can be included in ibe
= %? Funding S!k. 1932-3^ 71-,.® v 1R • Alcan Al, m .n, U m UK. SoclinS Ln 94.,,
- ' U 8 ’ iSi _ t Rarff-ithe at IMmv a d.
Tlie list below gives the prims ai which bargains dene yaderday by
members of The Stock Exchange were recorded In The Stock Exchange
Daily Official List. Mombcrs are net obliged to mark bargains uccm in
cacciai cases, and the list cannot, therefore, be regarded as a complete record
of prices at whim business was done.
Bargains arc recorded In the Official List w» to =-15 p.m. only, but later
transaction? can be included in the following day's Official List. No Indication
Scottish Mort. C5 p) Rand Selection ‘"OrY, 660: 8 Ci
EALINbd ■
uciooer i iMC";
Tuesday, September 2S 6,514 sflBa ^JTsZ *o w>
Monday, September 24 64W0 St ( spefih. ^ 760 Mra s6 ,r 0 so> 2
a bargain represents a sale or purchase hy members fESSmdere , "' , >,i s 9 P s*? 44 ^ (25 pJ 84® West Dtieionton Gold Mng. ■!
mTSt necessarily In ardor of cwcniioa. and onlir F«fm*agy mr. rzsp> Mb. 0 (2S ” J* Sad lR " l39 ,, ta
Kurltv ai aou orkv Ic rcctnted. w? n— i» u vr) 1 7 Gofd •?!!_
“ '-v „ ... , ! a; . fanners Hino. >0el i9-i* 20 - I : c .? r P?^n5 9t Special I'T'COS. A, Ba.-iama dor.f »:»ii or Swnriwn non-nvtabers. i>BarG4inS don* previous day. # Bargains done lor dolayc
“Sm- caihut^oo B ?'‘ 901 .. gni.- M*"'., Ailpa Packag-ng 9 Iiop> H7® 20 " ir , :A— SAiWr.Tlian: >p— ^EaSummn. oCunudiaii: »HK— iHonc Kooii: Ai— aJ jmaiam: 311a— i Malay an: S4U— iMwtiean: iNZ— iXfW
903-541^40^90 «... 3 * -'u . °- , A ., ian(c Al a“ r s Paper and Packaging 1 1 Oo! I Et.'S— iUblt.-d Stairs: SlVI-sWt&l ludUr..
1376 S9 ' ># S ® "'■*! AM?«d camel S»r« -lOo, 132® j
5 -c': Trwirr'Ln. 199S.99 »d.G2>.S . j Allied ManufJCMr.ng Trading (nd. ‘*AT< j CranE FrMhaif , ,, 0b , 38 ,. S; . 8
7 --OC Tieasui-* L". 19*S--B .n ■..« : p . G ,-iS D , gj 1 Crittall-Mgpc Engineering nOp> 103 ; 3
. „ ^‘? . c 2 Credo Inter. iIudi 6qo 9 8 7
7 ,a-. Ti«*asurv Ln 201^-15 G9’-.i 9 -° ■ J 5 ‘ , Crdnite -SSp} 404 2 3
;a <* ■» ' 1 .. , . , *! p " 1 '- Mla B* 5i !jc. J . oi 1 Cr«b: Spring Interiors UCP* 22
Js: Trca&uiv Ln. 2002-06 ,d ■ 0*'0 •'«• Aluminum Cpr <250 91 __ Cioahclo Cflllbrap i25b* 45® 5
a ; a > Tm ,.„ Ln. „ 2 :. M 7 .... l iKi..~c.. s g j So . arr, 2 r“i ,, & p r“ ,s ,iS "' 10
m „ Am^lgjmaied Po «er ErtQinoering i2Sd.i ^ r: , vn houso tiupi 34
S PC Tretsurr Ln. 1330-32 37 <i,i -•:■■ *< , b3--® Crowtbcr Nicholson <5 p> 7:,
. 7 • 1 *. S ... Amari i*Sp' 97 , Crowlhcr i J.i i25p> 103
S -O': Treasury Ln. 1534-3^ 84 i <i« ‘‘ i ,«,,«* a Crowtncr IWI UOpI 152
• A ndvrion* FcitJ I nd. i •. bp i 69g 9 CrvbUl^le 14'* IS'a 8p<Pf iSC
-: PC Treasury Lt. 1997 ;a--o :: -ri Arol.an Food Go. < Opi 35 ■ JC SP ' * 6 - ’ KW ‘ 5C
• , aB , - . -n - : AnolPjSw'H rlldiS. USPi Cutter Guard Bridge i25o> 41 <;
5s.; Treasury un 1994 ^U-.® •* • 9 -* I "S*’ L 2"- I Curaon Inaust. Invest*. (lDOi 20b 20
>,I . ’ ... "w. » ' • 3 ■' . . . A..p.a-Tnai Con. i»5p_i ^. 04. a.jpcLn. 141 | cus&jus A nom «□ su
9nc Treisurv Ln. 1992-Sb 30 ^ , Appl.j.ard Gp. »2aP' . 2'; Cuthbert >R G. - !lQpi 7j..
i., ■.... AquasCutum Associated A iSoi 36 •: J
»•“ ?**’ lr - ’' l '-iXX%£i‘a!S?',ii2 , jr s ;gsss.is-.*i sr,;;*; - «-
r--o- Treasnr/ SI^ f=ea.- ion or alter • Arnnqlo.i Mtnor Hidgs. '26 b. i: 0 Intni f ’Sol .n' tnn - -
3?H l ,.V«jri.v‘ld 2 2 5 “ J ° ' 671:0 3 :«««; ‘ a 5 ■
5 f,' T'«:“rv SIK. 1979 .0 . -- •- *j A^.aio^ B-scu.l ^“^Op^S i. A Dawson Ijowahj Hides. f=5p. xd 7.
- L", Tr.'nsarv StS. 1977. SO 'Real 69 r . Assnciot-jd 'BOON. Publisners i20Pi 103 i. ,,
: Ass. dated finnst Foods iSm S1<: ^ Ru « }90p< -^9®
3 .uc freisu-^ 5:k 1 979-Si .Red * G7«„.g t A »wiatea Briush Malsters 7 UkPi. A J D as ® S Igfl laf'igg 206 2 S '® '
‘rrrx.iiru siv 1916 89 xd 65 :! i* ! AiSSLiaiefl Da.rins 7‘iPcDb. ad 64:- Debonhams I2SPI 117';® 15 13. B<;
S.< Treasury 51K. i^.qc. o ; Ancd Elec Inds. 6ocDb xd 6S-'a G lins.Ln. 58: 7i JP cUns.Ln. 61 -
3 .'»< Treasury Stk 1974 .Iteq.. SSJ-’.a . Associated Eng. '2ip) id 65‘, t Decu 12s... „ a a66 5 A !2 Sd-
Alliance AldJ
is availably as to w h ether a bargain represents a sale or purchase by members stockholders Invi tsopi 34 »
tf the public. Markings are not aecocsarily In ardor of exeeoLfoa. and onljr r«fmoMgy m». raspi o+k. ...
one bargain In any one soenrity at any price Ic recanted. Tempi. Bar Inv. f??B) ** 7 «® Western areas Gold M"9.. '
The number of dealings marked in each section follows the name Of Me Throcmorton Sec. Growth Cap lh. n j vVcstern Dmp w ' ! i,i i'e .c i;
section. Unless otherwise denoted chares are El fully paid and stock £100 fully Throgmorton Trust <25pi 72 ,« gpc Western Hldss. ' R ® ,s ; , ec®
paid. Stock Exchange securities are quoted te pounds and fractions rf pounds T£ram ^mwst. m»i 229. ao. I Zanapan G^d Mn*. '»■ --
or In new pence and fractions of now ponce. Toraiuo London 278®
. Transoceanic 5ncPf. xd 37^1
is doiw previous day. £ Barsalna done for delayed delivery or “do baying- Tribune invest. iSopi 568 6
:ou: 3 U. 0 -£ Malay an: S4U— JMexiean: iNZ-iNi-w Zealand: SS-SSJngaporv; Trtpievest Capital 1 Si® i
Tristram iniew. I5 pj i7^4 ■>
Cr«b> Spnng Interiors UC 0 ‘ 12
l — J— K
i Ibslock Johnson i25P' vd 107® 7
•Ratal EI<k. (25p) 210® 9® 10 . | Williams James tEngrsj (5P) 14 _
I Radio Rentals (Hldos.i 6 -:pcUnscd.Ln. | WJihams Hudson Grp. i 20 pi ISS'iGl
\}SSE5 mS£ ‘. 25P. id 73# 70® 1 Z
[ Trust Unten AhecPf,
Trustees Core. i25pi 1 0B® TO »2
I Union Commercial i 2 5pj 110® 1' 10
‘Illingworth Mari's A Nan.v:g. <20pi xd 1 l£ 5p «V d , 4 f° ** 4 *- 6 l ; p'cDb. xd 63':®
. 5 n;,j 1 44650 60#_ 60 -59 7 8 3. 50 b- 5. Wilson Bras. <ZOp>jtd 3917
WHmct- Breeden fZ5pl 74. 20p^*f- raspjj U||IKC (RO.IOi 38 <i®
unisex inv.iBi «■*». , aM □
United Britlsn Sec. t29Pi 200 ® i9»* w
200
■ Waodhepd (janssl Sons i25pi 139
UNIT TRUSTS (10)
! Cuthbcrt iR G.' !lQp' 73..
Dallas tjohn Z ) Sons 'IQp' xd 45';
I Oam.h Bacon A ad 1 ZB 5
| L)J», Intni. f'Spl >d 109 :
West African (■!>
Bisichi Tin riOP« *o « »3',
Ex-Unas tiOoi xd i*.
Diamond <— S )
Cons. African Tst. i2SP.< 73-Q 4
] De Beers Cons- Did. iRea-.i , r
'F&fJSatefote 10-
OIL U04 )
Anglo-Ecuadorian Oilfields '50a;
DbTBZ® 2. fl'uPCLn. 7 J •.# J-
.-iZ Exploration . "
Premier Cons. piiheMs <50* ■*'*
b2.,i n..,rh Petro eum iBr.i
ingorsoli Grp. i25o> 34
Initial Ser-i«i >230' 70
50CP;. <7
, Rc'C-fearn iupt>oiul Glass r25pl xd 96.
I 7 PC PI. xd SI
Dicta (25 l- r a 366 5
3:- 4>, *ij:
Wvati (Woodrow) ; 5 P J 35® i* l« aa
M
Yatxon Furniture iSpI 104.® im
York Trailer II Dpi 44* «j M
Yorlahire Chems- i2Eo) 184® 4 1- Ai
Yorkih.rc Fine Woollen (20pi 50 M
Ynughal Carpets i25pi 1 53
Young Austen Young ’2Sp) xd 132 r
Young tH.j iZSP) xd QO
Bab 1
I ZcrKn Curb. A IRco.J <50pi 70® t 6®
Zetters «5pi xd 47* ij Hfy.
I ELEC LIGHTING & POWER (5)
g'l Fund 37.3 __ | R ®, a i Dutch Petroleum
income 87i z 90 , £ 19111 . 1; Tradmo
a'fl U,V, ““°- rUnQ ,nt0m " I ■ Shell fransimrl Tradmo
M. and G. Fir Eastern General fund aj3‘js®&B 9 *0, 1 6S -
Income |O.B p ^ Investment Trust TM^nbral i25ni J7ti 30 2 . ^
Accumulation Units 63.6 'Jltramar <tSp< “ 0O Jf
and G. Second General Income 133 PROPERTY (429 J
IRON, COAL & STEEL <73) Alliance Proo. Hiogx- 8
Babcock WHOM I2SBI MM 2 90 1 90*t- x d 1 1.
Bf^hSoSr^p. 35 ® s „ 3B fe. » *■— •
Brrten Hill Proprietary .SA2. 547 40 38 A ^ n \V d0S . (25m 80
! A»d. Pacer Mills <Z5pi xd 4 qi, 1
I Dernlron 1 IO 01 17';
. Desoulter Bros. iHIdgs.) (25p) *d 177®
Jamaica Sugar Estates i25ei 40:® '-:;o
1979 73"0 *■* • '• ,nqn. 1 Avon Rubber «d 164® ;» 3
C.» ZM ,Gu ? ra 7 «n,d 5:i . 1990-. Group <2 So) 66
- ^ i civ 1994-9^ xd 4V J . B j Sc:s. IRO.SOI 120
2' Ond-n-snin SlV ' 3 3 ' BPB l.idinti. i50P> WO 38 7 J
I Ln. *.j 96 ■:
, r rviiKTV ITL- /cu\ ‘ BSR UOp* «d 148® 2* 50 47 t
CSlRPN. Jt COI'.nTi . — L'. h. fhBj. BTP ,- 50( e . 3l . 9
1T . MB niiTY Bacal Conslrucnnn i25pi 121
FREE OF STAMP DUTY ‘Band .Huarii Sons 'iD. 1 7
• 1 990-921 64i,. T'-cc (1977'
sc (1980-821 xd 33'.
4,T cc 2 .-PC l19i 0-751 Si?
9'r | unioc.Ln. «d Sji.
, Biriow Rand iRO.IOi 211 12
; Barr Wallace Arnold In. i2Snl 73®
’ OiltiDlix Induits. (Sal 43'; 4 3 1 Jcnnscn-Bichirds -H. R.. rSOpr 37B® 9.
. Dimpola Invc-ts. (25pl ad 46'; 7 : s i S=® 6 .® 400:w 388 90
| Dlnklc Heel 'Spi 16 ■ Joim»tO"«i '^/Fi iRO.50* ISO
p Dixons Phptograpnic A IlOpJ *o 70i-;® | Jones lEnwartt' ' IOb> 4tg
17'j .'ll i 9 6 I I Janes. Stroud i25P' »d 101
i Dobson Park Indus:*. (IOpj xd 39U 9 Jourdon •Thcnaa' *10a' 73®
Dciar Packaging HOpi rd 55 I Judge Intni. *25 d> 5b‘;
Doland 'Georqei riOel 52 I
' Don easier rOanieli Sens (2Spi 63:. - K Shoes i25a- -rd 1 06®
aeUnsic Dor«d» Hidgs. i25r- 78® 9* a * Kala-naaio ZSa- 175
ucunaic. oorman Smuh Hidgs. ANan-Vtg. i20r) ' » titer Venesta i20p> 93
■ 132® .Kenned, Smalc |' 0 ?| rd 28 ! -®
Douglas ‘Poor. M< iCo.itrac.or si iJSpi xd i Kennedy's 'Suiiacr . 1 M«ri i25oi 125
J _ c ’ , ‘ ca R.' _ ' Xenning Morar Gm (2SP 1 76
Doner Fngg Gro. .10pi *d 50 47 . Kensmoim Pal«? Hi (el i25p' xd 198G
! 5 ov,,,,, S. General Invs. iSoi U'.-w is'. Kon , .G.'araei iiCn xd 59 ;®
D 93® ! BrOS Ma ver Phctpi *!Oc» 39:# |-., n[ ■mr. ,ig B , gg® i';® 8 9 101
i ; Downing ic. H . -SOoj xd 152 JcIrisialV pLV- “-e^^Sni S»* «■
6 * • °8^ 1 9 Gr “art. 5 n°°gs ,d 1270 6,1 6!j ° lic ':Ki«nen nr., ? '7a*icr iiOoi 190
i SSS^'AeSJBi ADphanaiS „ 0 a 1 '«Bm 130® 4a
49';
Renwick Group i25pi 135 fi
Revertex Hl^gs. ,25ni xd 72
Ravmoro iZEai 1i6
Hevrolle Parsons I12';t® 9' : ®
Rlcharei Walllngton Indusls. i
RiSMn fl. D. S.i Hidgs- vIOi
® Rix (Oliver! • Spi 1 Q i^q, i, i.
Ro&ortson Foods I25pi 101®
PDbliisan Rentals tHIaos.i xJOs
Rockware r2So> 85 7 8
vgsrsjrthSSbZ pwc. 262 . 6 _.
FINANCIAL TRUSTS, ETC. (232) 19*8 6
B.»rr nrn Gen. Invests (25P1 121 Neepsend C25p> *8 SB* c.
□ onford EWott l25p> 103«,5
Harland WolO 46. 4hpcP1. 2SW
M VoMk •» OP' ^ ,3J ®
Aoui* Secs. fSP. vd 2 S(, •;
Arsvle Sees. C25 p' i3=® ■*(>
21 ; 1 's _
!» - - (Reo J Sg^HMWRsO-. SO 59', SPC J^gen Proa; ^ ,
H2';t® 9> : ® no 11 I, jSS&U tioil 40 39. lO'^dUnseC. Robb CJtaM^| f-j® 0 "' “ d 94 KSr^JTKw C»"' " =®
;r -IX
Rolls- Rovce Motor Hidgs. (25 bj xd 67 1, Bnranston Finance (2SP> 79
6' ■ * Central and Sheerwood Tit. i5P> 4fli2 40
Root Harvest cm (top; 31 Chaddeslev Invests. i2Sp)_47
Root Harvesters (lOp; 31
1 Rosgill Hiogs. (Spi 54
I Rotaflex ‘G.B.‘ .10m 74 3
Rotary 'Hoes (2£pi vd 6B® 70
1 Rothmans iniarnatlcital B (12'.-P! 50 'r®
Routledae Keoan Paul <35pi 90®
I R own tree Mackintosh (50pi 1S2® 2 1
I Royal Sovereign p.jneil B.'jpcDb. 75
BBrJWaVM 40 Arntflltal m eg* Counlies
Chaddeslev Invests. i25p) 47 Broken Hill South J3AOJ01 xd 149.® CanHng Invsts. (5p' 54'-® 4®
Chancery Consd. OOpl 35 . Great Boulder HAO. 101.48 Cavendish Land dOp' 13- 9 -
C barter house Group i25pl xd 84® 2. IOpc Hampton Props. I5pi 54® 2.® *i.® 6- Ce , ntTa | S oist. Prop. 8 e'Ln. xd
Unsoc.Ln. xd 9SJ. 7ocUnsec.Ln. xd 4pcSec.Lti. xd 65 Cenlrovlncial Estates i-Oo* l,--
I 112 # •;
I Daly Mall and Gen. Tst. 5KPI. >50 p) xd
20 >;:
Dalgetr 246 5 . SpcUiKec.Ln. 102*
I Oawnav Day Group (25pJ 170
j Eastern Intni. invest. Tst. >25 pJ.36';
I Edinburgh and Gen. Invcsbs. i2Sp] 40 h
M. I.M. Hidgs. tSAO.SOlxd 168
N. B.H.C. Hidgs. (SAO^O) id 258
North Broken Hill <*A1i 100* 100 99
Pannga Mug. Exploration <5p) 4
I Western ISAO.SOi xd 107
Chariwood Alliance Htdgs. . .
Chmin Secs. '25oi 2 36® 9 6
rity Acre xd 85
Cornwall (5PJ »d lOfl 1 :-® 9':-0
Country New Town HOP* 58® «
Eastern Intni. invest. Tst. i25pJ. 36'; MlGnellandOSK fl89I 8 h 91* _
Edinburgh and Gen. Invests, aspj 40h miSCeuaneoHb Country New Town HOP *5
Edinburgh Indust. Hld9s. tlZ'ia) 40® American Metal Climax Wrrnts to sub. County District ilDfi 121#
SB's® 810 40 I; 3B'i 9h S 20 * AS _ J .. . „ Daeian l2Sm 119.* *3
'(PC English Assn, of American Bond and Share Ayer Hitam Tin Dredging >25pi 139 40 Dam BocLn. 146
Holders xd 640® Beralt Tin WoMram i2Spi 30 29 Dorrlngldn M Op. .5
Estates and Ger. Invests. (20 pJ 401;* o-.n-»a Mines n.7'sP? Estates i2Sp> 1 25* 7-ioc
Exploration Co. (5o) xd 28® 7# 6 i .Charter Consolidated <ZSp) JJZw.lt® J® Fraternal i5ol .39 ,
•First National Finance Con. 1 IO 0 I 77 5 6.
Wrmts. 1975-83 to sub. for Ord. 2 A'i.
9 pell nsec. Ln. 75 l 4
Dunlop Hidgs. i50pi S3* 4® 3>.Q 1 l ; * I
J g 5 4 1 . 3 . 5-MvcP: xd 477. SpeLn.
I Dutron-Forshavr Grp. '25p> 69 7D‘,
I Dykes U.i iHldgs.1 I25pi 77 62 I
lCP Hidgs. *2£pj 87 . B
: Sabah Timber (iopi S3 -
1 Samsburv vJ.i (2ip! 172 1 69
' Saker s Finance 5';pcPf. (R2 : 60®
70® 1 2 69 74. (Br.v 05 pI 170- 5ac rtreat Portland i50p> 267* 3*
Ln. xd 63 ... „ I Green fR.i ilOP' BA
Samuel (H i '25pi' 205. A 125DJ 197 <; FltZrOV Investt ' (ZSp) 72
G'rsnow Con. 6pc 1 , 57*I 75 f ’i Baaston Boiler i25p. 27 8
H-'TimFjrsmIrh Con g'-DC Beijoi ilop) xd Hd
Harnosh^lr^c^^p^pe I1975-76i xd 8 . Bensuivs 'rjosieoT iHIdgs.) ilOpi 16'; >4
Hastings Con. 2i;sc ‘ 1 970-75 i xd B6^* Bibbv ij'i 137 4*, 5 6 «
EMI ■ 50p) 1S7 3 6 ':. fl'ePCLn. 95 i* ‘T 3
ioo'- 10 a 99 a- Lak,! e,,,os '‘Ss? 1 63 1
&.R.F." ‘Hidgs . 1 ‘25pi 1070 .nSu? r V , -k^ B '-4'4 , ?‘ si.
Earl, iChas.j Marriott .Witney. MOp) 27* Lwwn^ln doi. ^Sp^^S fa* - MJS9
HWiS's 1 ®'? i H,d9M ,S0B ’ * d 1060
Eastwood cJ.*B.i >Sdi xd 86 ‘; 6 5«;. 7;OC 31. 1 ^p.I“ ^ V.'V' 7'sPCPt- Xd S
Ln. »d 7o:* ijt# 1 0 ipeDb 'd r6'.®
Economic Grp. ilCipi 108: *-7 10 Latham ija_mi»si 23t
Eib>e( i5p) 19 19: j Lawte, ‘25 pi a.
t Eidrijge Stableford <5 p1 34.'. S': ) Leade-Jus'i iDsorji IJOp* *6
LRC Irtnl. OOP' xd 79 : 8';. 10-:pcLn. ' samucison Film 5ervice (20PJ 141
xd 54; <4 8p:Cn,.Ln. 99 . Sandeman (Geo. G.i Sons (25p) 138 5
Ladbroke Gro >10 p> .d 175® 0 7 , Sangers (25pj 170
Lalng 'John Ord A i25p> 1630 4® 1# 20 Saver Hotel A (10P) B6* 6. BpcDb. 71
70 1 Scapa l25p< 66. Spclins.Ln. 63
Laird Grp. i25d' 68':® 9 70 . Schiumbereer xd 56'*
Lake Eltio: >25?' 63 1 Scholes iGeorge H i (25P1 345
Lambert Howarth Grp. i20p- 54 I scotfs Rests. (l2‘»' 640 600
Lonsson Indus. i2Sp> 75 4‘; S': [ Scrag g (E 1 (Hidgs . 1 (5p> xd 37';
Lane fox ard Co-npanv i20P- 261:® Sealed Motor Constnictlan (10p> 1311;
Grendon Tst. i25pl xd 308?® B® 3® Ii®
17 16 13t IS 13. W rents- to sub. for
Ord. 132
Hawtin (IGp) 36':® 4 6 4'i* 5 ';
Inchcapr 425® 20 5. Do. New 428
Geevor Tin Mines (25p) vd zoo
Kamuntlng Tin Dredging f15p) 46
London Tin Con. <20p. 174 6
Lonrbo <25 pi xd 90® T so Ha 89 1
Haftemere flOp. 324 1 *. SrcLn. ■>•
House rSOp' 107®
120. Deld. (2501 SB
ampa <5 pi 36k® 6
Petal! ng Tin Berhad (3Ma1) BO
Rio Tlnto-Zinc Con- L25PI 213® 18:* 11 Land Securities
12 18 14 1 0f 9t IHf 12: 13 121: 10. 10 9 7. S'rOcUnsLn. >d - i
1 R 0 B-) l25p) 213 12 14. (Br.1 I25pi 271® UnsJ.n. xd 165': 5. S-jolUc
4® 1. Option Wrmt*: 16. 3 J2SDCAP1. 147 3 7 6 'i _ _.
42']. 6-*4PCLn. Bll^ Law Land (20p> 165® <® 't '■
Selection Tst. l2Sp) 3901® 85 2 80 90 . lB(Ill =
Silver Mines xd 52 . SD 1 Lewston Intni. t12'a». xd 1 -
Non-Vtg. (5p> 63
.nea Laoortc ir.eusi.-.es -Hidgs 1 'rup; HI* 130 Sears Hidgs. (2Spi 57® 7 6.; 5L2. New I Lam pa (5 pi 36k:®
IUDW I 14# 9* 12® 11 :# 14 : } 16 13 <2 Spi 57 S'-: 6 7pcAPf. 63 Larktald (25P1 54
7 -oc I 11 IS 12 IS': 13;. 7 <:pcPI- xd 57®. Sclmtourt (5pi 17^ I London European
10'iPcDb 'd E6'.* Sena Sugar Ests. 4'jpcDb. 90: Ul London Australian
1 * ere If (2 Spi xd 42';
I Sharna Ware (20si vd 58
; Sharpe Fisher IZSPl xd A9 50
Hull Con. 5 -**pc I’hTt.
krrt CC 5'-oC (1974 7
■ 107 F-RCI 1 xd 8B'.
Lanirkshire 5 '-pc 74 1,®
Black 1 Peter, Hides i2
Blackman Conrad • 5 p 1
Livemnol Co'vp. '3 ‘:pc xd 29'.. 3':P*: Blackwood Hadge '2Sp
HR. e® ,*1 61 1 ; Blackwood Morion , Hidgs.; USe* *<
y - - o, ,rtr Corn, v'.oc VO 87«n 6 : 1 . : 6
M,*' ■•*.»» 3I.OC 69 :. 6 'idt to Biagasn Neakes 'Hidgs 1 i25s; 121
N-*" -mrrla-rt 7nc 74- . Blafcevs .Malleabi-.’ Casting*. <25i>i »«
N--" rUw-ri 8 p.- FI. 9 '-PC 91 , S , “°^^ ,rC,C ‘? 0BI 60
r oro. 7‘int 63 ... 1 Sii P In,, "a ' Sb ' 1
Paric 5* sc fv, god, cate mini. iSp. , 1 ,
Srmrnampton 6oc 1981 »d 67'* I Bnnm'h T °h ’ -* , v e 'i 24 '* ‘ S:
Sauihviark 6 89 • 1 Bonocherd MOP' 22 14
Surrey 6 -'.oc vd 96'-® •> 1 S g? “5 McConnell SOP' 137* B',(
£5r~™ .ond, i ’«
FREE OF STAMP DUTY • 7 • .iKlJns.Ln. o7>; '
14or Bds »ea. 1 Bolton. Bootle. Cheshun: Bauiton Paul S-iocPf. 44
Derby Mdherwetl A W.sbaw Ply-nou'.h. Boulton (William; '.Hidgs., <10pi JB':
POthwell -Yorks;, 101 • , , I B P. V ‘S (2 sp; 263® fl S 6 4 70.
IS 1 , pc Bds. RW. Cambridn eshire. Isle I •*•»'*• A+Z'i
Ely Camden. Cbemunl. Dund'H?. Haver - 1 Bowanv . a 184 2 3. S‘;PCP|. xd
rordwest Herllordslure Wjtcr Bd.. Moun- > 7ocuns tn. lOO® I
la, n Ash. Parlvmou'.h. Sedburvl lOI'i* j Bowlliorpu Hlags. flOpi AT. 7
Ij^pc Bds. Rcti. (Hackne*. Kiri ca'dr. Breed Cloud H.n Lime wcrx s (25s
LOvnsham. Woking 1 100 1 . V® „‘ z * „ .
' Bricunnuse Dudley HOP' 68
PUBLIC BOARDS, ETC — t.K. (la) I Hruigond In-uslmonls tSp> 48 7 ;
_ - J Brlcrleys Supermarkets riQpi -d 71
FREE OF STAMP DUTY Br , sfl - ljcihn , ," 3b , 34
Belfast Harcour S’rot 7 5®. __ . Br-gray ’.Sul 14, i ; 15
Agricultural Msg Curpn b ,.-pcD». c- -■ Bristol Street (1 Op; 43 ;
S'iPCDb. 1933-66 45 tO'.ccDb, 'Iss Brltisn Aluminium bpcPi. 47'; 4B<:
at 9E S.'or'. ~., rv • Brrt'sh-Amer.can Tobacco i2Soi *d
SUBJECT TO ST AMP DUTY , ^ 1;l6l (ip /u c0; 2 1 ; J 4 3 ■ '
Cl.de Per. Authority 4ut 44 Old. i25dI 234 3
Scott'sn Agricultural j-.scDb. 35* ; Br.usn American Tobacco 9 ipcUi
COM MOMX’E A LTi 1 GOVT. AND; B ?ft.;J. 2 Car»ad.an i2Sp; 70
r»n, 4 1 CrnlllTIFS (til I Br’CSh BelUOl.ftOpI »0 13'; IS
39?.
Luboft (2 1, pi 16
Martin ISpi 10B
(25p) lOI
General UOp) 40: 40 i 2
Lewston Intni. ( 1 2 'zr» ad 134* :
Mercantile Credit (25u1 xd 89®. 9pcLn. ^ ‘ ,0s, 864 3 [ LomSon Provincial Shoo Centres
Unc River Mercantile SpcPI. 41 1]
Rosehaugh (2 Spi 5b®
Eicon and Rabbins '25oi 79®
Etsw.ck-Hgppcr i5p‘ 16® 'a
Empire Stores 'Brad'crd' 2 5pi 222
Emu V/ool inds. 2 5o- 64*
-naiand 1 J. E.' 'Wcilingtcn. <5pi Tfi
.I s ' ! Sdentnlgh'. Hldh; flOpi bS'it® 5
Soofcur McConnell 50pi 137® B'»* 9', “"g'ana 1 J. E.' 'Wellington. <Soi 18
8'. 9 B .English and Overseas Invests. HOpi 2
Boosev Hawk.cs ' 2Spi 148® ; 7'.
ti.^.sb Card Clothing i25pi 44
f!m.c5°?2?p^!I2 ® IMI| * BS " 1 i5B ' ° 94> I _ ! 2 ' f *3-2Vr' : . --g-tPcyns.Ln. 90 * j Commercial Unian Assui. t2Sp. *d 179 80 Harmony ffid-5bi''2Ba 7'
c p a C^n^rruction Gfoup i2£s» —I'; - i M f - 1 V* ArahouMS • <0 d' 12*0 . Sutler In'nl >2Soi 82 3 f 2 J 7 #8 7 Jessel Props. (R1 \ 93
Faurbalrn Lawson i250* 26® 7 E'ecir.c htjas. Top t63: : o flag Furniture Hidgs. 1 2 5o> 74® 6 jpaje Star '25p' 166 5 7 Johannesburg Consld. itt
Fatrev <253- S3- h ! MPI >Ss> :6 : .srak.s iReo.l ilOp)_xd 36’; I Equity Law. Lile (S P » ZS 6 „ kinross IR11 xd 24S SS
L". x3 6 « .* 5 .
&1Z (FranSsl * t 20 p> xd 32'.-® 4 «; "gf ” ' " ' ~ Tronoh Mines (25p) xd 65® ilXP 12^5® / '
«o!| h hVA 6 sS^^” 3 P 5 .. a2lS# 3 ^'*y»Ti-% h, "‘ OB <SNZ1 ’ Xd 144 RfaOtL & E. African (32) London fridge Securities . 10 ®.
Shipping industrial Hidgs. I25 pi 455® Provident Clothing 12SP> xd T7 1 69 Botswana RST iR2' 1001® BO* 200 London City WestcHP Prop HOC
! '* 61 60 5 3 Refuge ilOol 83 Falcon f25pl xd 97 1 1 « 2 >j 1
. Showermos Wine Prods Whlteways 7Upc R ire( Mercantile SpcPI. 411; Roan Consd. 8 (K4i xd 28St® 70 55 70t London Shop Property i2So' 73’- '
GMU«li ™85-J5 «d 9BW RosehauBh (25p' 55® Selulewe Gold Mug. Finance f12bP) IB: MEPC i25oi xd 193 :t ': 4 S;
3 Giciriiaw inds rsdm 71 S 3 ScMesinger insur instl. Hides. <Mi 82 1 Tanganyika Concessions iSOpl 219® 20® xd 66 U 6 :. StvunsLn. ,d 1
• I s “- sn tv «
ult xd d 1 3 1 7 3« 14 145 300 3 7 - ’ 0OCLn - 1978 lLOn ; ’ Z ir® ' 7® CD 5T7 47 N « g lver 7 20
• uTh» ^ 9 r' 55 ,t? B BO 4 A (’Sni 79 ® sloter w, » lk * r Sec*- «.A 1 .RO-SOi xd Zambian Anglo Amentan <SBD1.40) xd North British Properties «25*i
3 4 !k M-nn«w (ton. s', fi® s 158® 3 200 3 1 96 Paramount Realty Hidgs. 9oiC
,Sm.th Nennew (IDpi xd 57® S': 6 '. 6 . SmlHl Broi , 25|>1 , d 5 * (,:• 7‘.
r _® B S- n U t J£,5 ^rvrj.,Htfnr,hi sni- SterllM Guarantee Tsl. (25pi 308® 6: South African (IJ4) Peachey »25pi 132 1 ,
j Smith Hidgs iwtiltworthl JSPI 13'; 10 oi,—!.,, g- . Prooertv Hidgs. Invest i2S"' 37
I S T«-P. .£ ' V c,Uu lBs i s ‘ l 1 B 20d1 Sor.nvost Hides. (50p. 84 Anglo American Coro. s . Africa (R0.10) prSoerty See Iny. Trust -SCr) 2
w 7 . «. ... msb-BK-a :n s a?* u »«. «» ,™ sS^./.Wp’v ;, 5 -
^^o^K^Vtah^neW 16 ^ I2D0I Xd V ^^2SpV t86’4 2 |® 1*0IipcU.. 9 97 8B 6^ B?y^utakAt &4d <R0^1 335 2 "“MwSn^fZ ! p'“i I s:® 0 * 'i:Ls.
Solicitors Law Stationery Soc. > 20 .. xd Yule C.Tto (lOo. 49 B .. iSSSS^ ^IwntRO. 1 0 , 402 . |^ h C^?Sp.‘ Z rd° 6-'- 2 t’J-L
3 4 Southerns-Evans i25pj 1B1 2 GAS (14) purturi^Roodepoort ,CHt« iRlJ^Seo*^ fSmh tS*. l r25pl xd 6 ^® 9
’ lv. V ^tkpi ,: ?88 , 9i d eo* 60 imperial Continental Gas Assoc 655 8 4- b 2 - H &d “2 Goc1 tK1 * 36 °* 801 76 Star'c.B.i «S0 p1 132n® S •. 0
6 - Spencer. Turner Boldero 278® .jJcUns.tn. »d S7® 4 EiSt Ctmsd _ rite] ,18 - StOck 5 'c;oiiverslon In. (2"ipi l - ^
• Spillers ■ 25pi 54 i, 5 6 pc PI. SSJ. | INSURAlNCE (1SI) Elsburo GoidfRI) 1 571 ;® St 3 6 S ,
. ( S p r «-2oSf'4l*2®, „ ^ Bownng (C. 90® 2 ^ XTvgft*
c. I4UPI Xd | Yu|e Carto t , 0D| 49 B |
,c. 6Q GAS (14)
in" imperial Continental Gas Assoc 655 8 4.
5” 7pcUns.tn. vd 1 97® 4
6 PCP 1 . sst. I INSURANCE (1S1)
7 1 ;® a* a :® 9 .1® 72* 1 ® 2'-® 3--S
2'- 3 2 1 *;. 9'aocUns.Ln. 90
Johannesburg Consld. iR2l Xd IB's
kinross IR11 xd 243 SS 42
Kloof Gold iRI) 600# 15® 590 85
3 " ’ BS5U W ffiMf # iio®‘. .0 96* S 5 «£: 1 1 0b> 21 ■; q Ferchuran nsumcV HUMS- t10« 49 | Wftff'&ffiSg fl
I ^ Ari ori-jn ^ TrthwfA q Ariin' 1 n r.irnMT ElcardniU i^Qpi 14^ J PharmacciiSici'i S-‘KPf. xd 47 S'oad Si in 5 son A f fc 5pi 1SB4 9 ^ General Accident Fire and Lrfo Corpn. i Leslie Gold fRTlM 66
>d ! 26 9 .PcUns.L". | ,4 iSE “ uMdTnb .25=1 £7 5 S McKeehP.s Breswre *2Sp. 83 l ■; SWrthr '25b' ,1 32‘; 2. 6 . 0 CDb. '62',. ; Z5o , 1 63 ® 6 4 3. 7'^cUns.Ln 66*. ! Llta'^Ca ^,7505* 84
i lit „ ! BfSSC.SS.pi"'^'. ” 5 i KiW! a"”.! JSi~n£ A - »» jmi i.i,«, h...,! taSM'a
Maa?.r“ C 24i* 40* 6 4 jq'-'ibTe 'G.' -2501 43'-® 5 „
MiCnche Manid-tjr.no tlOo' (Ou* f S /52» ,,0 a 't*i ,'?i W gS.pi’an'
M^.dcnhead .r.v .HloPC -5=' 77. 3 i«Ln. f sISKjfV^ ®^ »«!“"■ 4 °
Guardian Royal Exchange (25pi pB® 7 Lydenburg Plat. iR0.12k-> 122 20
I ?. * I,, v 7 ’?”’ 63r 2 :t - 7pc Marirwale Consld. (RD.BOi 205
A I uVShj '.S. rui... % r,w_. no Messina CTransvaaD (RO^Ol 3261® 18 _
A IfS**?-* J1?*' US— Middle Witwatererand iWesCenii (RO-251
E *s> 122 20
■80 1 205
Stbck*Converslon In.. (25pi 17-
82 75 83 74
Sunley (fiernardt Invest. t:So> >d
Town and City Proo. iIOb' .1 ::
3«« >aS® 3 5-: 6 5. war ran:;
tbr Ord. 57 5. 5 ‘;pcC"'i.L:', 19
Town Commercial Pros. 6 ..p;Cii/ i
19 18
Town Centre Secs. i 2 Sni 71;® 2,
4 2 12’: 69 70 :
Traaard Park Ests. (2So. ,i SO
U.K Prop Ser.BWarrants ts sur.
118
United Real Prop. i 2 So. 2 ’5 4
Warnford Invest (20pi v,j jso y.
RUBBER (44)
Buklt Mertaram i 1 Dd> 4j ;
a md. Plants. MOdi >d 52 3
Ikelth I Ceylon’ Hidgs ilOm 9
Iruouar 3-:ocBds. to/® • Br.f.sn O.ygen '25o« rd 61'. 2 t 2':. 1 Irenes Inds. 5'rocPf. 4!
CORPN- STKS. — FOREIGN (1) j 4 ^ T <» B n»9hDb. n> a . 1 locTonnageDP. , Frlcmans
, Bru-'.h Printing Corpn. '25P' 6 S-: 6 j Freshbave Foods ISoi j3‘:
Lima »C. Dli 130* British Relar Wireless Telcv. iZSpi xd l
I AS';® . 5
U.K. AND COMMONWEALTH | Br.l.sn jtoiimakers Corpn I2&PI «d S3-.®'
RAILWAYS (5) ; Bnifsn rdp-s 25p- ioj® to 3 8 it 9
,o„o u .. Namas, I British Shoe Corpn S ',oc2ndPI. 50'; 49';.
■ ire «' P t '3 i t?; 61'PclrdPt. »0 56. 7pcUr.sec.Ln 63
■ C5' 63 -dcdd. 3-p i J i | British Steam Specialties -20p> 92®
. FOREIGN RAILWAYS (4> I a ^Ji h S:r ' ! ' Coni,r “« on ' • Z5 ‘ ,,
A.-.'.alaiasta "Iti.n Bolivia Ss-:PI ZT'.olBrmsn Sugar Corpn. <d 433 2 3
S *„ Paul, .»r„.,.ar ',5p. ,37* 42 | British T. ^ ^n^.Ln ^ 8 *^
BANKS & DISCOUNT COS. (287) • eLK.® mod. ro 101
Li^V"liar.ev D 'p"oS> n '5 i r ' 5 . Brsoi * 5?roet Bureau Oi Maviair MOD'
iut“ral\a l Ne« Ba ^*la'nV S Bk 5 ^ 9 Gp 34 3* 6 BrooM Jor.d L'Cbig B Ord iZSgl 52 3
1 2 SO 45 I Brcwn _Brc:heri Albany '10o' 43-:. e-:DC
C- “ Montreal iPetoa. Mkg Names- ■ Ln 178 81 _
r *. i- y : pg 37 - 8 r (John Id la 9® . 9
3.. New Ssuth Wales >Ldr. R<.r;.. (SA2J I Brown N.i tnypstments (20f S2
tins so-" Bruce Peebles IndusL'-es 7 :P'DeD xd 62
iiitlii.4 -Gsverr.er, ,d 545 Brur.ning Croup i25e' 107*
Barclay* ' bVT 352* S9®_ 5 3 7 i'-or 1 Br/ant Holdings . 2 Sp, 6 a® '.® 71® 5 3
s“w' C Esiar4 Sens •Htetv*. -iSt,' 242® i Judge Bromeis Holdings rfOo. .a (S’.
3 BdJgjr. iA. F.f A N-V 1 5p J
3 rciatin / MiflJi 640 1 Lunfj 'Haldi. Q5j r20P. 16 .4 1 6
S-JM-, f! 5 : ,2£d 12!^ j Sunil »uio Paper tZ5a> SBC- 6 7 «
raiVd-ir |ma Bt . rRm:. M» g. Nimn: ■ *“«': R':™ 25ai 90®
, r < = i ourrvii nd* 1 . *i
••‘V t "... V Blirt Boultsn Homings «d 30S 293 S3
Hl’V i'Cdi «= 34* ,1 4 •- S ■ I Bur ion Group A Non-vig. Ord :50p. 168.
i CJ v in, J««1 Ln - j ® ■ v/arianti to sub. lor 1 ■*■ Ncn-.lg. Ord
ha« Mirtina. Cpn Sns. Com I>US2.50. ' B « BW# Compuler; nop. 27* 9 30 27:
—S.J . -u ‘2 j3 . ri ; lt . Lzn ft,.-'. UA 1 • BuItcrteM H,r«tv :25pi 69'-.
??]* 40 . .ft- . '0=. 35 ' I 0— D
Seri:; N«i. D s:ount '2Spi 29C _ .. .. . „ ,
, o;s /Ae'iijn,- Sons '254' ~ 00 * ' C H, .Hotels, 1 5=' 12'. 11'.
io nness Pea: lA'L'.. >d 124® 4 ! C.B.R. Je'Sc. -Hsldmgt' MOp IS
i.'-itre. 3-: 2 ii > 4-.;® 76 1 C ■- H _in,es:rnenis (2501 >d ij;
fill Samu-'l *235" t3?'.:* 4C1® 2 3. C.G.5.B. Holdings ilOm 45*
tg^. 70 - :3 , 20 19- Laohu-# itr.nrnDCS ' 2 odi 62 : 2 I :. 7 *D*:
iir.iKins Shangha- 'Lend. R v g I ''HK2.50' ■ Lr. 6 b->:
j 7 w ll.-w iCo'nl. Reg '• it.H3C2.50' ,‘J • Jjnr.v- rasp, 9, ;
;es ■ Catebruad. Robe, a Ord '10 d' 23 2-; ,
M ari-S Spcrr.:r i2S=' iSB® 6 8 9 7 5 7':! Talbex Grp. i5pi 16
Marie. LSn 93 .® 90:0 60 S. ; Tun Sad Hldas. 7pcPf. *d 1
Si!!!.? rl J '' , i , J lC !i‘ < i! S '- 9 J!) : Tarmac imp- 407. BliPeLn.
P,Z - w '^..' 7Qc ';, 37 o, Ta - c * nc *«» 17 ** 9,;
Marne -Aloe re. hldjs. iZCpi 49 8'; . I Db 61
Manm-Biac* . 2 fip> 571; [Tavener Rutledge i20Pi xd
Martin ,l-e Newiage-t '25p. *4 1ST® 61 Ta,Ior WOddrgw i’Sp' 296
■ * J Tecaiemit i2Spi 70 69
.Sub. and Prov. Stares 3 pcP 1 2S;?. Orion Insurance >50n# 258
'Summers O. Cl iHIdgs. • <25oi 69® Peari Assurance iSp, 293 4 90 89 92
j Sumner -Franclsi iHIdflS-' *1 Dpi 19 _ Phoenix Assurance fl5ni 240® 39 40
I Suara Chemicals Paints. (25n* xd 193 7 Prudential Assurance tfipi 158 7'; 6 9U
i Sutcliffe Sncakmgn (25P> =0 . 9 7 61
' ! Refuge Assurance A ilOpi 325® 35® 27.
T 1 1 x r | Do. 8 i5d> i6o
. *■ u y l Rcval^ insurance iZSpi 327® 33® 29 32
«d 1 1 ':® . sggwifk'Fortre, Hidgs «10p. 255® 61®
"foa'd B { 99l'*10 e i r ‘ CrC ’“ P ,,0P> *** BpCAPrf. tRU 4S. BpcBPf. Buklt Mertaram HDp. 4, ;
U 9 , 7 a nd Gcneral Assurance '5pl 168® New \vitwatersrand rROJSOl ioo; Daltrolth PI | a £«ion 1 > 0 H , |dgs ^10=i 9
Lwlle and Godwin iHIdgs.. MOp. xd 106 ”?>, 12 ! 1 % 4 S- r ^ la fi c Qo R ,^ t 2 ' ?r ’*»' *1 ’
fej*^d B V ? r T , io t Sl n 25 H i dOS (20D ' 2,3 W « *™ nd fROJ!0> 10 *® Grand Centra? 2 Invs:. Hldx». ' 1 '
Oran ' 258 President Sleyn rROJO) xd 930® 5® 890 i» ) § *
Peari Assurance ISp, 293 4 90 89 92 ' . J :. f. -
!i2n* K ?ad G H P id;i B, 7«Pf. xd It':® . S ^ lck FOrt> « M, « s «»» 233* 6T®
i Tarmac >Spo; 207. ItaLj 120 1. Stenhouse Hidgs. (2Spi xd 120
, i'5 i n .C.Lvi* vd 174® 9'..® 70. 5 .pc 5,: n Alliance and London Insurance 445
I Db 6! .32
[ Tavener Rutledge *20Pi xd 70 l Sun Life Assurance (Spi 117 IS. Do.
ACTIVE STOCKS
Prices in pence except wAere otherwise indicated.
No.
Denomiiu- of Closing Change l!i 7 .;
of pi
oro v«
i Gart or a -L, I'ev incs '5r' '6
i Garnar 'Jjircs' Son* i25di
, Carton Cooper ■ (0o< CC S
C-rcway 6ccs. t 'rest'd vtg.
5 4 . Masscv-Fergusc-. 1. • _ : Tctefuiion ioO' *d 66
Ma*t*iewi .aerrardt iJSpi 1330 28 30 I ic'.cphcne Rentals |25P> 151 2
, Mrltrws Hidgs. itCe-. id 97'.- 8 9 Tern-Consulate 25oi 62® 1® 59 7 60
6': 6 Meat Tt.i Sjsp' ers '2sp' 'd S2 • Tusca Stores iHiaas.i '5 pi 54 1 . 5 4
i M-'.'. Ti '.Vr.ittpn ,25 p> 92® '• Textured Jersey -IOp* 63
■ Meta Bax - 4 t :■* 60 4 i 5 40;. 7pcP(. 1 The Times Veneer i5p> 17
■ *1 ' Tno mason- Pei d i 10 p> xd
■t,. i 5 ." 1 - □ l, „ G, r Z f, .„. J Thomion Org. i25p. «d ;
-5=t !H P-six .aj, -9: | 20Q:® 6 Oro. '!»' *d
23= 43 49 ! .21 - JO 62® "2. 6 '»;Db.
j Sun Life Assurance (Spi 117 15. Do. RTZ
j New >501 115® 5 ■
! LWESTMENT TRUSTS (367) “baTS " ”
marks price
Aberdeen Tst. <15 pi s70':®
Alisa inv. Tst. I25ui 110';
“ BATS " 23p
De Beers DefcL... R0.05
Aii.ancc Tst. i2Soi xd iss® zi; z. spcOb. European Ferries 25p
83';
' TVorn'otan" Refd~ M Op"*"" xd 290 32® ! AJtirtnd Cap. »?■ (SOnJ 206®
J Thomson Org. '25=' vd 2060 1 P® 1 1® ; ■£?' ip,,
I 20Qrip 6 0*u. <ipr Kd 201 3pcPf. i Amencan Tst. B wgp)
io 52* 3 6 '">;Db '! Anglo Am«r. Secs. Core. i£5p» 93
iT.ISrn^ Electrical lnd? .23at 430 1 3 2 ®.' Angln-Intnl. Inv. Tst_. Asset 5I*S. I
Grand Met
rcr
La porte Inds.
on day
- 4
- 6
+ 7
- ti
-r 4 1 .
+ r
+ i
+ i
-S' U
wt of octree stocks is based on the number ".if h,
iay in the Official list and under Rule Hi:>, ; , ,
ay m Stock Exchange dealings.
: Glossco OW. J : 'Jso. 152 Vt'tcr'rc • 1 Or' 2165 6 5 7 S
Glover Mam 6 dsP‘ «•: -a M ;i; •- fi j , 125a* ~2
CI.r.ned .23c *0 T-u;C 8 ® 7 j . 6 : • .Vu-i: C.-ir ;;;s I-, ‘.tOsi 251 . t 2 a
; :'•. 9=cUrse(P >d ?33 ’1 ' Mt/'lrn j. .ZS=* 'IO
9pC'JnseLd.>R. CRW : ,d Ha 1j 13sc U.I-W-J ‘Zip »-• 72 1
Uniccd. Ln. «0 87i, 7. dDCUr.^J.Le. - VvSuR '.'.Cp. td ?77 5
20=' 100 -® 4
, ;;; /ftr'iij-.y. Suns T5 p ' 701?.'.® ' C H, iHuIDl>i 1 5=' 120 11 'j
iu nness Pea: lA'L'.. >d 124® 4 ! C.B.R. Jc'Sc 'Hpldmgr UOp 18
I.'-itre. 3--: 254' 4s20 76 i C H inrestinonis (25pi >d ij;
till Samu-'l '23=' IS?’.:® 4C:® 2 3. C.G.S.B. Holdings iIOdi 45*
tg^. ;o - :3 , 23 1 9 • LaoOu-# s:r,we==cs '25 di 62 : 2 I r. 7*0,;
isr.iKina Shanghp, .Lend. R V 5 I ''HK 2 50 , • Lr. 6b'.:
;f ^ j T O IJ.-w iCo'nl. Rcy : it.H3C2.50, >'.J • Jjnr.vr -tSo, la ;
;as ■ Cakebruad. Robe, C. Ord '10 d' 23 2-;
7or.*tN 'iED'. 73' ® -u'pr uas n OS 7ecUC. «d 60.®
•iO/sc- Ullmiir. 'ZIP' 2!i 7 1 3 £0 C 'moan ilOn >9 67 6 <
ilf rwc.'l Be Lonsdale '.Zip 1 1470 5 : . Cairi-t-, ;Hlagi.i '2ioi 53 6
59 52 5 6 4 Conn.n^ ,v,.< 23=' 56 7
_l B^n'. 2 32e 30® 3 7 3 2 5 5.. C m: Asbestos >2501 147
7 -p;Lh '01 -j 2 '■ _ Can, an Profile Group 'IOP' 125
Lr-i'don Cool ! ' 5«::- '25P» 1700 67© 70:.. Capsvais 'Ed' 19
9..=eLn rd 73 :0 30 ^ar;1o Engrg i25o' 520 3' 3
Me.-t.urv S'.'.s. 253 :49: SO , Cari-mg-an (25p/ Jr. C. 6';oe
Mijlanc 30? 3 7 4 :■ 9 10 tpckn. 90-;' Pt. xd S4®. SpsPr. xd 6bC
7i-ccLn. 99 E ■; ■«: 3 7'- ; Carren Cd. >H:ags' (ZSoi 219
Minster Assets '2?o. 80'; . Carr's M.ll.ny huts '25=' Id 9
liiuciu! C3R1 b13. Ijrp. >25p< rd 1630- cnkM 'S.‘ Hlcis 1 MOp. 7S;®
-.7 6 , Catrkr s iHldjs.i rlOoi 91
(•■ 1 :: oral Grind'rvs H/d3i iZSp. 1 1 1 0 ' Oiustan 15 , r ji '25 di 55
FlvieriaJ Austraiasiu Lx,,. Rvg.i '.*1' • Cu»enh}m '25=' *d 1 3ZC- 4 3 2 4 7
£ V = 3 -ng 2 . Warrants la sin. Ic.r 1 . Ord
r.ir.Jnal W«sW"»'f 3510 8 7 2 S 6 50 . 77© 6 : V 30 7ne1s:P' .ger A> >d
1 a Wrrnls. 147. 7pt?t. 620 3i 2':;. 60?. 7:.ocl5lPf. -d 63. 9 tocLn. 77',
SocLn 81 (O'tDtLn. vn 92 .'
Royal a:.. Canada 'R<?C. Mkg. Nimesi I>C2| • O»00di Hl-gs. '25P' 172 ;■» A 6
r*X''i. ® O'lestipn inds. (5c 17-. S
tTkfMM 3837. a-'.SCLr. 74 ; C-iir.1l L.n.; Sec> <53D' 25 6'
SlR-ri Qarbv LOndP'i 'tljo- 5 23 ^ C^nlrrl i'*M" 'JSr' - J 374 7 6
i iiuf Walker StK: i2So. l75'.-0 SO J £ w—ifc Hotels 'C-^nst:"' '^Op* 143®
s '.Varrnts i-> sub. 720. 9 . BC Lr. . r»n:r«.-way VKS ' 1 Qdl 7E
-i ; . r, p { Ln. -d 7S * ■ Chali-».i '[ i <tfld*rs • HOT' 20
ifT.-’, 5t. tub yn '25b' 122 Chamber I, -.,n C'Oud '2Sd‘ 710
S'.’ndarJ ChariC'c-J Big. Cre. 44Q IS 45 Chsmhers F.irqus ‘SB- rd 27 -®
35 Cna-'XI T u , r-l lr,vr,.. ro n . I6E a 59
Diseriunt LO'dbn 325* -* 3 C , 'i>"' , “.a;gn Gardner LbSr.eL 'iZuD' 37®
..-nm *a 2233 o 7
Gaid C-t-s Hes=-:ai 5 udd>,'.s 'Z5=' '0
fl£ ;<t 7 ■;* 8
Gordon Geieh H'gis '2ja, •-« 1420
Gordon ;L. i Grcun , 1 C«i 118
Gbugh COC'Per- >20oi jC 112*
Or imp. an Hidgs i2 5b. 62 ,C 2
Granada Group A ijjp. *g 1720 29
C "O Mr 1 * ; " 7 - ©
II 7 12 • 12 10. II; 13': 13 IT.
v/rrnt. 43 3 '50D. vd 112 SccP 1
• Traffgrd Carpers 'Hldss J '2S=i 53® 3
J Trir-warent p.ioijr t;=) 44'; 3 4
Canadian Foreign Inv. [25ol 102
Cannon Street Inv. < 1 Qpj 72 1 ';
Option Report — 3-month Call rs-
OPTION DEALING DATES Leyland, Charier fv,i, £n '
Tut T..I fnv Driii.i. n.n . '-U1JSO,
•Jar.- W.it .i-nss- IjSc 7
C^ro ‘IS; 4C 33 7 8‘.
Nat,ur."_ Z«sn Fvg s!«r 4oc5'ig.Dtlr Ln
h:i :r,i S-'i.gn: .ijesr-M iJOsi va z9
7 .TIP' . SZ.
Ml.; t.-i Zj:' 2 3 6
""i", 3 3 UP. VO Hi' icsr- , K ... — I -T^ __ < r,
IS fl a '°.n -Td-'Vffrt" iff T °0 i
■a • -1? -IJ a. > J?- •* J - ' hi •. J. , I* I «a P . A \ 1 9* n s
Guttan Wirehcuscs (25PI 175 .* 79 65 *,«*■..’ T-.v .Vi- -7S *
'* S 4 7Q-- 69: 1 -r/.ir Cirr.i - - l-cs .‘tip. in®
Great Universal Stores -2 5a- .d 24S® _5 Ni«-.,r. .;r-_ “a
^ 5 ^ 0 -d 21. "■ - a S' 7 r T. News l-:-r ': 55 ," 15T9 6 © S
Greaves Orgamsatisi' "‘Op' r a bS'.-lC SIO’n:;:-; L:-r ~ 0 -. :s
ci.ean tnv. Erratum— in the list of sjpt. Oct. 23 Nov. 5 . Jan. 24 Feb S' Ultramar.- London
28 Ord J» 49';® shautd have bewi 54® j . aiv In fit, ««.4<i» * ,nrt ‘
■ Greed. Chem. cals Hldas -25a! 61 ;© 4:o
G-e-n'icie M,ile'.ts iIOd: -o S4
‘ Grjea's Ersrimjrr 'J5r, 54©
' GrnensiH Barrari '10oi 120* ? 30
Gciftlths B;n*'5v .'3ai 23 2 '■ 'j
Gross Cash ncgl stern '20p, vd 69
Greuo Le<-js Ca- - Ida r~7 s
C""i: Keen NeirleicH'. 292 5 J 4 6 ‘,pe
■Josced Ln. 91© E9>: 9 1 •.••:■ 92 38
Gunn • A i rHId'ui i -2'D* 3Z I’O
Her;-;', Zii. :*.2 i:
N;re-a-2 ;.'j H-lai «ZOp, 50
r.crr'-iij'e-, H.. <3o 27
U3M Group >25 Pi 1050
UDS Group 1 2 5b, tig i . 7i,pcD:
54-',. 7';pCLn. 635;
■J K. Optical Icimcri-i >zspi iai 99
! 2390 - - — Laporte, Dexlon, Triumph Invest- acted in National 'carhn
I Ed-nbureh inv Trust- dm. xd 176® ij 7 meiit Trust. Shell Transport, Stead and Sitntxinn ,
7 '.ocDa. xd 1 Engl.sh Intni. Tst. 7pcCnc.Un5.Ln. xd 1D2 iAZiZL- IfcvJtS.h CTrvsll^ rapSoa 3nd 3l
; Erskme House inv. Tst. L2Sp> 97 Slater Walker, UHUHO, BnUSD UOteiS.
101 99 1 Family Inv. Tst. (2SPJ xd 54'; -
[First Re-lnvctlmeol Tst. (2Spi 126. 5pc .
_ _. ' xd 37': ■ IndiHlrlili 1 IG lm. , . . ' 30 [Sibitei Walker
I F,r ** S*6tMh American Tsl- SpeLn- 91 : Oraurl Tlrf. ' 1 10 •Snillr-rv
Ln. 1991-96 First Unlcm Ghl Inv. 'Tst. (R 0 . 2 S 1 td 42 , n - . Cer- * — ! gi I^P-_ ltra •—
IS 'Flag Invest. (25 pI 73® A.r.Gement...J 15 [Q.CJS.*'A - — . B3 Tno,»
® ';:® 30® I Foreign Colonial in*. Til J25ol xd 1551; A awe. LeluureJ 4 fliimrribui 29 Tbnrn
h. 65'j fi«, . La PC tort p»nk.[ 20 IG--K.N. 13 Tt.ho ioiynt..
[ General Investors Trustees 8l;PCPf. 36>j® „ u- —. t-gn. 'HflirVer FHrlil -3Q linllinw
la SO GJendevon tov. Tit. Warrants to sub. 1 if «0 HilweP
I Ord- 36 : B.mta Jlrog \ 1 1 -H.L-1. 11 UM Draperj-....
J Globe Inv. Tsr. I25pi 861; 7 6. 5<;pc Boiraters i I2‘ ‘“■Imps"— 5*2 (Y tekem
I Cav.Uns.Lit. *d EE® 8J# H A.T 1 M ■ ‘I.C.L. 11 I'Vool worth,
;Gwrs. Stk. Other SOt Imren. Did. «5 b). BritishLeybndi Zffilncorwk Papor, 4- I
100 99 iCorett European 7 a. i2Sp> 71 »• Jirillsh o.-rripsnf .6 Jixarl Slip _9 iProprm-
' Great Northern Inv, Tjt> (23 pi 89 Button 'A ,.....! 80 'Lwml* OeaereK-80 IOp Crxmries .. !
Cu»«nhjm -25=' xd IS^C- 6 J 2 4 7 ' 'junn .*1 'Hld'ji l '» 5 (
S 1 Warrants la sin. Ic.r 1 Ord _
77® 6 : t 39 7nc1*:P< -Ser A> id NAT Grcuo iI3di 6 C
SO?. 7:.o:1stP;. -d 63. 9 jpcLn. 77 'a ' Hr ' y K -' 1 '2;3> xs 69*
7 : ro-iwiLn. vn S2 .' H«jcn Carr.cr (* 32 - :
C-mbOJi Hl?gy. '25P' 172 ;.® A 6 Hammgn Ocwnursf '23
C.'l«:.on inds. (Sp> 17-. 3 , Hi»: 'M * '.2Sp> M7
Cetiir.il Lin.; Seci <53f 25 6 '. Hus'cap • j . Hldu; . ■
iVjwn '2 Sir' .3 37* r : 6 Hj(—.e-. , i^j. 2 ;
Cent-c Hatels C-^nst:". -IOp- 143# : H.-mn .l ar,ci New (I
A. r. Cement.. .J 15
LeUureJ
30 [SjlAter Walker.. 12 u. n
rOracdilct. 10 ^piik-re g . ,
G.CA-A" 83 &««».> ' S Amc-.,
Unilever N.V. Sub -Shs. «F».12i la. SO
_*e7;n D.srriunt LO'Oin 325# -tj 3
■Vi r. trust '2'3 d' »a 2233
^REVERIES & DISTILLS. (149)
tm'-.zd Brc-cr« '2SP. ‘0 E2,,; 41; 3
S'.ocDP. 13F4-89 ■= =0 J 7 .P.Urs Lr
iri-tljirwi D<",l(ee Prcd'j'.Is '100 59 .
fa is CTar' hgtvn ''iSp 131* 2 "■ 3C. A
D; 1 j b7-S2 *d 7 Z'i c.ocUnsLn -s
"it ;ri ;.'l -'Op*
-' * 1 -. r — i" ••’5P* *r>'- 9 c A n 5
■i5= 127© E E';. 7'.ocC7. SS'.S
" '. • 7 • |e. (Lr,- Irt 12C* 3
' If'.'bt 3c.a tJQu. < 27 3 G
C ?■ Hlda-. 'Sdi 20 / 29
Cla'lr ;i.i;e.in. J.jnri Tnompson
Ha Jen Cirr.cr ;jio 37 ;
® A 6 Hanjniin Dcwnurat 'OOs' 27 : 5
, H1«: 'M - '.29pi 117
6 '. Hn»';.i(, ■ i , Mldti • '2 3a. 7Z-.
: 7 ; 6 Hal— .Bi - I.'J. ;;
)p. 143# : H.-nn.-.l 3r,cl Ne„ ci;. 3 . 75 ..
Hjmir,.;i Ccr, ■‘‘■AQ 53. !G£*
.4° Haas;.! Ts- .'25di »d 126* . 7..
vj H.irrr.o IDS'. HOci Inc t .*
°,r,c M n. • Hsrr-s Shelegr i 2 ‘n>
. .i r n» 8 . 7 * Harr, Ml T. C li ip- t-
2vB» v7* Hjri-itni Cr=:hvld 12 - . 1 ’
Hvr-nctls ,25c. £4
I ® A Nc.. H.iVfi v r i-iJe'v, 357 J t>2 53
, SS'lS ■ Haul. T awn <23=' 42 .
2 'Hawkins Dev 5 b. TO# D'-O IJ <«.
Sts' ;• Gf :>.' :a.dj»'. 'L5='- 215
Fanis -P.. 75
Utrlffv 'Willlami .12i-pi.17'
Ikt*
• 7 mi
■ a®
A..-**:'
; 'hX*
Valor '25 p» »d '36* ’0 6
, VanOna >'I5 dJ 98'. 100
.-3 i®< Veens Srone «lOt>' xd 50 -
; VnnesM Infil '250., 63.'* 2 t ;
1 Coven European 7 a. i2Sp> 71 h
J Great Northern iny. Tit, (Up. 89
r GrosJum Inv. Tet. <2So) xd 121 1;® 20
I Guardian Inv. Tst (2Sp) 6Bi®
Hircros Inv. Tst. MOdI 37®
; Hill iPhllipl I nv. Tst. (25a) 155':® \-i® 6'.
; Industrial Gen Tst (25n) 41 40'.
60 c illhl. H'dgs. OUSI. b890:
lirJilob O^THWif 6 JV»»e) Sew 9 1 Proper* »- »
Burma 'A ! 80 ’LrpnlA Oeoeralj 80 fcnp Cnimtlps.. ! 11
f'e*il«>u«yV : 6 fLUjytlx Bdok....j 20 |Unr| SeeiUttiea. 15 , , fro
7 l'*In>la'' 10 Peocljv 12 1
!' l w iM.
'•rout I inn 1 , t.
-cts 51
lanoinrtt..^... * w • 12 1 .
Cinirtaulds 8 r'Ume" 13 »Unt.;t.Briuin 13 . >u ' 4 '
TViieohxni ; 10 illadra&Spencer 12 frown i Cite. . 12
riiatillen. 10 Tlurah 1 L 1 9 fTtron 4 is 1 . '**. [
DiuikHx. J 8 .Midland Bank.. 80 j 1 ,
Kliirulws tJiU'id* 5 XaU-Wert Bool! 20 k)Q« -
:3p* .*j 41 #
_ ... Cnocmn. John Thompson 123 d- Hair.: Sun ) 'iStPI vd 46.
i.'iZ Char- .njt'an •JSp 5 31* 2 '• 3C. A Sj ;5 HaaigA-jadi 'Prons.. 7 .ccP: 5i
Ds 1 5 67-S2 >d 7 Z’l 4 -OCUniLn .3 CI.rk'.rin l„(l T«l- (5oi .= 4D 1 ® 1C 1 Huadli'n s .nii L:>J>ni jp. ICC
Ji‘ _ _ 'll 11 - V*-. 1 T?D' vd 40'- riccnar. Spark (lOo 1 SI
i»., c ■■*#*?, njto" Browers ...peuas L« Chr Crjsj iiSn) <33 u , .
52 ■ e ^ .. error. Sdr iHiegs . (50r. 57 ■’
?<.' 1 Arthur. «- d Sons , :S;Do. s- ' Cl.Bord .ri,->r!«-.' lnd'-::.-rro. i76® £0 7S Mol ' M * Bar •- “•
!c«.r. 9 !jrs 8 'C«.riM 'xj-s ?* do.;r Da.r.ri {2 Sd‘. I3C® • Hcn!ri ( 20 s. vd ’'.7
! Cnih' % * C h/?m PrnrtuTt^ tTOpi 24 S- 4 ?. HCnshpr 'PurmtcfO Tr
iii-HH# 3 Br?VkCrv Nfiff ‘25?* 40 S " i'.Qd) 35C-
J.riunwcsd 3;yw<r, rrsrshawi. >25c> or .Coates gros. CSo. 74:® 8 a Non-Vtg. i Hepwonn Ceram, c HI.
-i'norto J. w.' li# • 4^' SO 49 60 -
-V'n- ir3 lr **‘ mKl “ tf ICsvs Paroni f25p. 60 50: ; I G'.pcLn j Heswonn Ij.. and So
:Z4r m 'Ma:xMr,. .res sons .HWjs.r ‘SSoi ; Q C 25 P ; Vi ( Km-Stwrt 3 Plan t 7
L 1 • rror Sd- 1 HH 95 , (50p. 57
Clifford iChirsn-.- Ind'-rr.-iro. *760 £0 7S
T '9«':r Dair.i'i (ZSp - . IjC*
Cnil.te Oii?m Prrrdu7»S (IOp. 24 S ; 4';
H Ji'M c* Land sn .£=> ZS
Hol.eai Bar ; 2 Sp. 47
Town i Cliy. .. ij
! 20 OOf
I 25 Bnt. Pelmleuu, g<
I 9 HomaJi OU 21 n- .T**"
6 Ollscnrph i
— : 6 pUBCRwb x i .*-- 1 .
ff *•?“ ii
SS [LlLraiunr...
‘ ‘l‘|v '
• 'J:-.* f.— >•;
p.. ::. s-; ;-. '*3 = - £:
1 p-';-3:sp C-n (2.;o. t>
• =., -.--.Wadnim Stringer .IQPI 510 4 ; 4 Z .
ta_> 15^0 | yvadfcm «30h» 118# Id
I Walker Hunter »5#i 33
■ Lgndwt Australia (*41. 7oi z: ■
j London Eteetrlcaf General ( 2 g 0 > 34 s
, London Merchant Socs. (25p» 94 ® 8 7
""■•nail ■.' *ii'" n JSa, tC 72*
K ng fJSPi 197-n 9
3,-rt. .■ a; iin -d '3&# 2 5. 7 -.or.
GI
■it'i-i Hl-s;r-. -2;?I xd 1C2
jo:n ir.ii sd: ir?
'-■-i y -. n TSsf-a-r..- t-ursk'd ' 4 4F
.’v He wsr.sf- '23r> .
;A B'-.'/'i -R0 *3- S’ 1 ■■ Z Cod VVat:> i2S3' 19i. noun orui. and c5A ‘ZiPl 970 Pa#?.'- Cai-t* *503 1 7; •
” -•'n i-,r; D. '176. xd vv . Cceeer Inds HOpi *d 24. Do. New 23 4.; Hjtp Cr.arn. I3p. 46 E • P'~.s ■ .'t. i;n ic> :
*17 ; 9 !S‘.. 4 ,c Cace A'lmar Int>;r 'S3» 66® 6. 7 ;scLn , Hgm:ra- j',p ,d eg .F'TStii' Gc- 75 a
VC 86 ® -Hoover iSSot aJT A rjS-ol 427 g Pr.t-Ha ." 1 !=r>,.,‘. Go .S
rev warn o .OtDn £13 . =;0B Corah '2Sp'. v<f *7 ■ ' HccL.nsc.". Hiros I7C 6 S P'77S V.hir' . •* 1
;v. ' - V'G'i.': .. , , • Cerai ..1 . nooi 126.0 7® 7 J t 3d -Huuse of Fras;.- 2Se- 112 :® 12 ® 73 :6 Frun-nl L-iu-n-..'; - 0 .
Ur?- * ‘j 4 7:y.V.»’l9f*. 5 ® I C?SaSn' : ,| a ‘ .Vsp. 179 52 . Do „ w 180 | h'*. *1 ^ ‘ 33S 3
•...11 Cc - s Erwv. N-V:g 1 53 d. 14C Cour.fr'-t.de Proceri.cs >5 pi »d 79# Si 1 H V?g f "Srd^ iJSp’I* 1 ^® Hc * 1 ! O R S
„„„„„ _ • C-.LTt B, C5 2 ic :•'?! Da. A N-V 1010. Hirturd a.ic Wvndham A Ord . 10 s; xc 1
CANALS & DOCKS (•) I do n*« a n-v joi • 36-6 ; ®>«n s^«t w b 0 »s« .hh
1 Cou/lnuidv .7 so' ij.? 6 7.- 6 -. »; 7 5 ;. ; Hudson i Bay n.o.v. ro p9S5 60 A i:0P‘ S-.O
C H • '5p- *d 12 O 13. 13 1 7=tOh id 06: 7 ', 7: 1 ?:. S'-PCLr. ill ' Hunr.'s Ccron. R 1 ; 775 1
•■•Howe D;t. Piv -d 368 I 55'. S. r.,peLn ,d 63..'<. «0'. 7 ',pc , HunS.np Amm Inds '25=' 86 S 4 * , R.C.F. Hlflgl. -25o. 6 '
s ‘ r - >n ’- 465 Ln «d 650® 60S 5:- . Hvman 1 !. and J' 'Sat 16® i R.F.D. Go. ilflp' 27
!rilw , .«Vro»fni 5D ’ /0 - 7B .Hi.w«d W.ll.imc rSOo'. *2 125® 6
r 2 m?r. S | n J “ /? So! 3 Lrf 17 '. I Hiingafc and Jot SOP. 175
: SB? * ' - ; S53SK
' Cneib-n.io Cnr.hsh Store: Group (12 -pi »n i Hill and Smith *25=1 ‘d 103
, 95 4 3S ' ; Hill rC 1 of Beiiiol New 215 5
C:i«r; Rad'dvil.en Ser*iC"5 (Sn 1 112 11 H.llarcW 'lap 1 64®
Crmaicr ,j j S:ns Wcto .Hidgs) .303 1 Hm:on 'A.j and Soni '106' 75®
’ Hir« an .3 Ma»lln>*n -23p> xd 34';*
Corienw.c lO'jccCnvLr. 99 Hods*-' G rtup <5pi 42# S': 3 4 5
cn-rote '25n- 71.® 70* 5: • HjiMung is 1 .2341 »d 155® 6 i
Com. Somnrorc.ul rzqp..1SX S3! afl 4 Ho „ M T ev tl |c HidBI -Sp> 37®
Holln Brcs. and E5A ’ZdDi 993
REGIONAL MARKETS
: H'd;;. A :; 3 . -3
. P.-t'i-cim Erw. T4 35 i 6 7
; P:»'O r : -Syror-:.: - 2 Spi 554
P''.::-." ;5= -d ".-.j •.$ i 6 j;
. ?; vm-rv '•:>*• ;o
• Wav W.d&S. (ip: JM _
t Woarv.es 1 i5oi 71® 6® 7 6 U
1 Wc&rtcrs Poti.c»tio« <6R' ai
vaedgwood .ZSpl . 140# z
j Monks (2 Spi 48':
1 Msnlagu Bosion i'ICr. 92?
1 fiBC Cum.Pf. xd 46®. 6 DC
□b. sed bb'.'w
r w* Court £urp0can fZ5pJ 70 mu
! MB'oi Th frtHPMIPfflH IBP Cka I^EaI "re HI a
Fritt* to .pmc* and demreiMtiou of 25p mien othe»» il(i ^
BELFAST Brawd- j 48X 2 ? ...... fhmin.. r ,i . StoSw '
B'tort6418IL,..J £67lsi 2 5|.! «Hnr t vi n .|^" ^2
Finlay M(Sf6p|j 26 J gin 13 1 Bre-.l' ,,9
Huritw (Bj «l3 120 1 * — 7 ?2, I • — Holc-Tn, B ^ ll2r . - 12c
»wnwr.i^'« , — EJS5SS5T «■’; :::::: !££S"4 !S
nU91 EXCHXHOE' teSW^'JB I S-U-ut 1 - »
Sm'Sjq-iS ::::: vKl'K. 1 -
.?,r'i=4
■V '< ■ ~ii
• ii
-■eJK
• - ?! *
2jd> d I : : I Cine. Tin Smelt.’rs 1580 6
; r V-’_ „ ... . istsw-itw *hdC«H*l«Y ?2Spl 53 4- ; : 4.0|i fiwjd IJ5 0 . 46# s®
= J ®- cc -a Das ert ■ 25s: . Wo'on-Ev3n& 'Hlaas i ? 2 Ddi 54m Offlirjri QIC. 1253. ljj
a-.~M-.-i .c, ..... , Wr-4on Pnarmaceutda,". »10o> 91 i* 21® ! premier I25p. 150 SpcW. 42
P3W7-! ill -SOD 3# 4 2- : • <, 0 zgtj ; gi. '. Prav.nelol Qlt ei *2Sb' 44
' '50d I 7; 3# 4 2 - :
. 3;n ic. 25 3'. 3 5
Z9X- 158
r.-. ,ss' v- ;5
v.h.r' .( j:’:
n<mnml.r-t£nk| 102 > r ~2 NORTHERN ,
Bnion iKlrt)!»i.' Wj;tSs • •" •'
Irlnli UiailUvn.; 92 !-f 1 3 Albany lnv20pl
Irish Wire B<1..j 94 1 .iih 3p)nDtnu.!
NORTHERN EXOfANGE *“«nrai f . xn,"
" •' ' ThcVUih %
4bany InvSOpj 24i 3 i J'nnu .t,i ; ‘ '
i*h dylnDlni;.! B3 j " , AlwniUjj['.' l
• - ..17 Cc - i Erwv. N-VId <S3D. 140
CANALS & DOCKS (7)
c *• 'SS- *a 12 O 12. 13
■v' 'Hoot D;<L Pl» .d 36S
S* s 5>n»: 265
t P.7 Hidgs. -'SSs- 123 3 S White'. >T> moth*: CpcLn. 69** 1 Jttmne* :2S=> SZ *
Wh.ttioghsn: ‘Wm.. iHiogv' . 12,-7 o' 94® J ' Ppmncv /lSff’ 82'..' 4^pcLn 88-':
> n tv e Wholesale ftluiws l 20 pl 86 ® a# 3 j Ro:hMhlld 392 3 5 «Rd.Pf. <d 75 ' ‘l
• Q— 1«— -S W qlail iHcnrvi SOT i2S0> 309:® 151® 5® I S. fi'.pcLn. tlsij® 14.',® 16-
:' _ . 3# 15 17 20 2 3 5 7 8 ;S*»e Prosssr Linked litc-Shs. (ldpi
. Ou«" S^ee* w ooutes iHldfl5-i l 10 f» I 3i% Vk.tkm M.Kheii i25o> xd 153* ^ ( Can Sd. 'ian> B5o 6'-
A »5 0o> £ -.0 ’ WiHraiCMt 5«wns >2Qo! 73'rtO 4# 5® 1'; : &a»-A Aaicr-un {SOa.*®9® 81-
I 2s AT Hw-Vta A .2091 SA 1 *:® 6 ® ; £C 0 *C.Ul Coht. 1250' 74L. Wris. 21#
, R.C.F. Hidgs. > 2 So i 6 ' f.;® 4'i® 5':® 3»jO J® 2® 6 *:w 7® i Scottish Eastern (2 So. 109 *i 10
1 R.F.D. Gd. ilOp- 27 ' 21 ;® 4': 4i 5*i 5 j Scottish In*. Tst. U5o> 91 •;
j 2: 47 Ne«i-Vtg A .2091 6***5® 60 \ scorcsh Cam. I2 Sd' 72 1. Wris. 21®
•' !. : ® 4'i® 5'^i 3*iO 41® 2® 6 *:® 7® i Scottish Eastern f25m 709ti 10
J Z*;® d': 4i 5'j 5 j Scottis h In*. Tst. U5«> gi i ;
( t M. 1 mil li -rrmvhmmmrn
4BTJ.I 70 ■ i . . BwjLb Chou 10pf IBs
-Mnitli (try hlju} 44 : Brady Ifii 'A’-i 75 """
NirIkbiii 54 -*1 Br'p wfEarSOpi 340
Untture ; 80 : -.... Ur? Fib'ih50pi 90S j
BuiyRImn30t>) 23s '
MfDLANDS ft -WEfTEAN Chrow CmR... 82 j .. "
ltTBOQ B-A-'A'J 65 !
Oh* in Itat A..J SSI?; ...... Ellen n»*d 61 J
Kanin IOp Slls EajrtsatlnvPy 3oi»!
Bvaod'K.W.Wp. 841a Do.-lkjfea^ I . 44 1
1 . ! Bn ait*....— 48 1
HtDLANK B'WBTERH Chrow Crott...j
l»V»n H-i/A'i
Dh*m F<r”t A..J S6lj; ...... Elion road......
Kcniia IOp 52l£| KnefCatlnv Pc
Kv«n«K.W.Wp.| 341g ^. IkjftUWl .
1.1 Kwt 'R lrlg . I—
SCOTTISH EXCHA '
HSfS.^SSV.' ** :
„-. piTAS;
■ “ £/
‘ TT-Pri
? ^r A
vbit -i?
‘-’7 <7 1-7-4
:-£r ! .isri
nancial Times Tuesdav October 2 1973
s
EY MARKKT
ill assistance
45
land Mlnitnum
Rate 11 1%
!y 27, 1973)
of assistance by buying Treasury revenue payments but _ some
bills and bank bills from the Dis- help was given by a fall in the
count houses. Conditions were no * e circulation. ^_ c n .iJ
guncraliy flat and there were no fo * da^to-dw loans \u
short supply for stron ff features although the the early part, with up to 11 per
in the Discount Treasur y bill take-up was against cent, quoted in places. With funds
* Zi .il the market's favour, as were gilt- coming out near the close rates
may ami the edged settlements. Government fell to 8-91 pec cent and some
• a small amount disbursements were in line with money probably went unlent.
Dug
ll+ITh
p»ll.
Inter 4J»ok
Luit
Authority
■lejweit.*
|]jwal AutU.
i nejrotlable
| l«Dlln
Finance
hawse
dfrprwit
Company
■iqntiti
PlMnrnn
marker
del a Kit!
1
Troamirv !
bills® |
Bank Fine trade
Mils ♦ | bill* $
-
9>s*12l«
-
—
Ills
8-HKi
- 1 “
—
—
12*S-TJ1-
13)4
J
13
10U-11
MS»j
W'4 13,5,
IJSj-lS
: ii-i2
13-151#
lDTg-llIj
Wtt-llUi
12t4-12J t :12li-15
lil 1 !.- 16, t;
—
| 1S'«-121 S
llll-Ulg
11-lUa
10 3 ’I *4
1214-1213 iWe-W
-liig
ia.# m s
i li)£-12J«
1 1-IH-
11-IKi;
12)4-1=19 1 13Jj-1b
■ l#de
IS.ic - Io 1 ’
IflH-li^a
M.VlHi
13-',- 13:.
12Se-14 ! lSis-15
.-IJ.'s
—
! 16*8.125*
i3Vi3; B
.
13=0-16^4
- 15 7 e
! 1338-13
1SJ)-IJT#
■ —
-
—
13l«-13Jft
;
—
— i
— —
os and On once booses seven dars' mi Lice, albert, -ceven days fixed. * Long-term local authorities monxage
i per vent, for Ibrce years: 122 per cent, for four years; and lil per cent, for five years. «h Bank
•re buying rales lor prime- paper: buying rate lor roar-month bank pills about 121-13 per ml; ana lour-
I3hU per cent. Approximate selling rale for one- month Treasury bills 1M per rent.: lor two-month
aw tar threc-rnoMb 103 per cent. AnproXJmaic seflinx rate (or oae-mamb bank bills 12-12 per cem.:
*16 Per rent.; and for ihree-monui 12-12316 per com.: for one-znomb trade bills 12-13 per cent.: two-month
1 ihn-e-moDih UM3i per cent.
Base Rate 'published bp the Finance Houses Association) 14 per rent, from October 1. ClevlwB Bank
small sums at seven days’ notice 9) percent., and Base Rales for lending 11 per com.
Average tender rale of diueount 10.9334 per ernt.
count: Deposit earned a basic 8.12 per cent, m the Apnl-June quarter if withdrawn trttMn that quarter,
if not; In the Jnly-Sepi qnartc interest accrued at a rate of 72B per cent, for deposits withdrawn within
I not so withdraws, at a rate to be fixed at the end at the quarter (by averaging the Treasury bin me
inns rain 2.5 per cent.
(GHS * AND “ LOWS ” FOR 1973
itcur.lles I number In TEXTILES ill
tno«* quoted in the Foster Uohm
Service yesterday TRUSTS (4)
n •• and "tows’’ tor M. and G. Cap. Grendon Tit.
Nda Kitchen ,R.l Taylor
OILS HI
Pan Oceanic
GHS — (44)
CANS 111
MANS I1>
KS H»
inGS ■ 3 1
Pnoenui Timber
CALS >2>
Laeorie
NO STORES Hi
I CALS 12.
Rerrollc
CRING C4I
Clulord iCtiarlM'
Hunt and Mosc/oo
ELS >21
isle at Man Hot.
RIALS (61
Me i lay
Spear ij. W.i
Watynami
OR5 >3i
Tiiemcion Reid
PRINTING (1)
RTT 111)
£>■ I nda.
Hamn-.prsen "A"
Havlrmor*
Kcitn & Henderson
Law Land
NEW LOWS— (30)
PUBLIC BOARDS it)
Ultramar 7oc 7S-76
BANKS <11
Pro,. Clothing
BECKS HI
Morland
BUILDINGS <21
Aberdeen Conn. Leyland Paint
CHEMICALS HI
SUirge (J and E.i
DRAPERY AND STORES 111
Helen oi London
ELECTRICALS (31
Colvcrn WesttorUi Elec.
Pcthow
ENGINEERING l2>
Carnlerd Eng. Hopkinions
INDUSTRIALS l4i
At on Rubber Mtln Masters
Charrlnolon Gardner S.Nerthorne
MOTORS Cl I
Pride and Clarke
NEWSPAPERS CD
Mencie*
TEXTILES 111
ll.ll. Textiles
TRUSTS (4 1
Oil and Assocd. NMC Invs.
Allied Citv Nash (J. F.i Secs.
OILS i2l
Shell Trans. Res- Walker Century
MINES I5l
Union Con. Rand Selection
kjrangi Union Cpn.
Tara Exploration
RULE 163 (1) (e)
Bargains marked under Role 163
(1) <e) in securities for which
quotation has not been granted
and which are not recorded In
the Official Lint
OCTOBER (1)
Atjntn s >«
Allstate Exp. S
American EasHc Pets. SUS45
Argo Inv. New 4 It 40 2 21
A us*. Cons. Minerals 30
Alitt. Continental Resources 32
AuM- Founoarlon 78
Barymln 33
Bethlehem Steel Cl 6
Bougainville Mng. 174® 3 8 5 7
Bridge Oil SI;
B.P. Canada 720
Coen Cola £74t®
Cotes (G. J.i IDE
Colonial Sugar 309
Commercial Bk. Ausl lAust. Reg i 23S
43
Cons. Baihirrst £141
Cape Portland Cement 190 I
Cork Inv. 32
Dev. Underwriters 70
ERRATA
Commercial Hldfls. Metal 110 should have
been 110: i249>
Cork Invs. 40.1S8: 40.242: should have
been 42.069; 42.194; V27-4,
East Asia Navigation 100
Eurounkm 25
Exxon £4-7 ■*:«
EZ. Inds. 2S0
Goodwin Marine 13':
Govt. Employees ins. £21 1-
Grtro Bros. 1 37
Haw Par Bros. 1 1 3
Hitwln Enterprises 7B
Hong Kong Land IDS® 10® 11® 7 6
Hutchison Intnl. 138® 7 6
ICi 'Aust N.Z.I 131
Indonesia Cons. 1 9
Allied Irish Banks Lid. 11 %
Anglo-Eastern Bank ...
Anglo-Portuguese Bank 11 %
Audley Holdings Ltd. 11 "f,
Banco de Bilbao 11 ,J n
Bank of Cyprus till ‘Si
IWm. Brandt's 11 %
Brit. Bk. of Commerce 12 ^
Brit. Bank uf Mid. East 11 %
I Brown Shipley llA'Si
Cedar Holdings 11 %
I Chanerbouse Japhet ... 11
Chouiartons 11
C. E. Coates lliSi
Consolidared Credits ... 11 %
Co-operaiive Bank !? 11 %
Cnrintbian Securities ..11 *5
Credit Lyonnais 11 %
G. R. Dawes 11 %
Dawoa.v Day lli 1 ^
Duboff Brothers 11 "n
... 111 %
.... 11 %
... 11 %
.... 12 ,r D
.... 1 1\%
11 %
Dunbar & Co. Ltd.
- Duncan Lawrie ....
English Transcoot.
First Maryland ....
FNFC
■ Antony Gibbs
Gresham Trust H t
Greyhound Guaranty .. 11 ^
■ Guinness Mahon 11
■ Hambros Bank 11 In
Hawtin & Partners ... 11 %
■ Hill Samuel §11 %
C. Hoare & Co til %
Julian S. Hodge 11*%
Italian International ... ll?^i
Jacobs. Kroil 11
Keyser Ullmann 11 %
Kinghurst Securities ... 11?%
London & County Sec. 11-*-%
London Mercantile ... 11*'^
■ Samuel Montagu 11 %
Moorgate Mercantile ... 11 %
■ Morgan Grenfell 11 "S
Morris Wigram Ltd. ... 1?}%
Northern Comm. Tst. lli"»
Portman Guaranty ... 111^
■ "Rea Brothers 114
P. S. Refson & Co. ... ll"%
■ N. M. Rothschild 11 %
St. Mary Axe Finance 13 J%
E. S. Schwab 11 %
Security Tst. Co. Bhm. 111%
Standard Guarantee ... 11 s
Sterling Credit 111*?!
Sterling Industrial Sec. llj*^
Swiss-Israel Trade Bk. 11 %
Twentieth Century Bk. 13 %
Wallace Bros. Sassoon 111%
Whiteawav Laidlaw ... 11 •*,
G. T. Whyte 11 %
Wintrust 12 %
plrmhers of the Acceplituc Houses
Commit lee.
■ 7-dav deposii? 9: ' .: J-raonth ?lv
X 10 .O 1 M) and over. 9;*. below.
* 7-d3 y deposits— £10.000 and under
9’’,: up la £25.000 KM over 125.000
10’..
{ Ot-mund DcPO.Hi* 10 * : no.ooo and
over: 9:", under £10.000.
: Linked to .M.L.R.
F.T.— ACTUARIES SHARE INDICES
T&ese indices are the joint compilation of The Financial Times, The Institute of Actuaries and The Faculty of Actuaries
EQUITY GROUPS
GROUPS & SURJECTIONS
Figure in parent benw *bow nnmbor
ni p^iickx per wciina.
162.48 +0.1
164.59; + 0.2
263.65 -0 5
177.35 j-0.3
135.22 1-O.T
58.63
149.00
+ 0.7
- 0.6
+ Q.7
+ 0.2
171.85 I
207.34 I
I I
205.88 —0.3
95.97 +1.9
3.2
t CAPITAL GOODS (185)
e Building Materials (29)
5 • Contracting. Construction (22)^287.45 — 0.5
4 I Electricals (17)
5 ; Engineering (Heavy) (15)
6 ' Engineering (General) (65)
7 Macbine and Other Tools (13)
8 Miscellaneous (24)
9 CONSUMER GOODS
^DURABLE) (59)
10 : Ll Electronics. Radio TV (14)
i
11 ■ Household Goods (16)
12 , Motors and Distributors (29)
13 j CONSUMER GOODS
(NON DURABLE) (170) 171.35
14 i Breweries (16) 200 .B 6 +o.i
15 j Wines and Spirits (8) ... 1 98.70 +0.3
lb Entertainment, Catering ( 16 ) 226.72 + 0.2
17 • Food Manufacturing (24) ...jiso.07 — 0.6
18 Food Retailing (18) 138-79 . + 1-0
19 ! Newspapers, Publishing (16) 218.62 j -
20 1 Packaging and Paper (15) ... 101.92 I— 0.7
21 Stores (28) 156.93 J— 1.1
22 ■ Textiles (20) ... ... ... 172.19 '— 0.4
23 ! TobaCCO (3) ...- 243.93 :+0.5
24 ! Toys and Gaines (6) 72.56 j+3.4
;OTHER GROUPS
25 | Chemicals (22) 161.52 , — 0. 1
26 '■ Office Equipment (10) ... 190.43 • —
27 . Shipping (10) 497.85'+ 1.0
28 Miscellaneous (41) 195.95 ' 4 . 0.2
10.62
12.20
1 1.02
10.28
11.53
10.33
4.84
9 25
4.33
4.37
2.87
3.62
4.38
5.24
6.69
4.17
13.D2
11.23
12.80
13.30
1 1.44 >
13.51 ,
36.07 j
15.13 i
13.01
11.23
12.76
13.30
11.44
13.53
33.14
15.10
1 11.50 - 3.60
' 9.29 ' 2.18
I 13.90 4.06
13.85 5.55
12.07 12.04
15.01 y 14.94
9.95 ; 9.88
10.00 ' 10.00
162.26 H61.91
164.31 H65-87
288.85 '387.71
284.95 1 384.71
177.86 [ 176-95
134.33 [134.05
56.24 ] 58-22
1
148.14 147.83
1
170.59 17C.75
206.91 '206.58
! !
206.42 .205.72
94.15 94.76
Monday, Oct. 1,
1973
Friday
Sept*
a=
Tburs.
■Ser.i-
27
tftri.
tSept.
S5S
Tuea.
Sepl.
2b
i Veer
1 “W
.(appro X
Hied* ins
Linar* Indrx
Tories
A! CL
1 ! *8.
i EUT's iCrn'nc"
! Change | yieM
: % 1 t.
Grrm
Div.
yield
P-L !
P.R .
Kano !
meu i
Rut.
P/B
Ratio
■nil/
Index
No.
Index
Nc».
In. lax
No.
B
siuce
J flnlli
Mi
SlUl
161.57 |»60.24
164.06 j 162.23
278.50 '276.83
,286.28 J2B3.79
176.83 *77.34
134.15 ;133.17
58.00 1 57.88
147.10 1145.32
1167.50
176.93
528.33
26SC92
(165.57
142.36
56.31
151.67
iiab.-J.SiloJ /9| iC6.37
; Jf 1 - | r 1 I -4 r - 7 *.
,1 96.69,1 it.90( ’53.84
£ -l l LJ
.548.4 7’2d5.&5i 589.53
Llll ' V.' . IHr.-ij-
J07.90MrB.40, 550.04
i 4 1, j. ■ 4<S‘72i
202.57 -16 5.4 li 202.57
■r <6- •? > ' >3.4, fii
' 158.64' 123. 16i 168.39
* 2 jI, - 11 -«i j i.c/72i
i 67.08, 56. 13; 136.70
1 ififii ir/3 I '4|2ifi6i
; I73.76 141.59 177.41
ill.1- •IS-'ii n27i4i72i
9.97
9.88
9.23
! 10.-26
j 11.21 !
[ 8.27
I 11.67
i
11.10
8.41
13.22
11.62
10.77
4.26
4.35
4.25
4.60
4.42
3.04
4.01
6.33
3.52
5.36
6.47
3.03
13.84 <
14.46 .
15.30 |
13.32 |
12.24 |
17.11 ;
I
12.16 ;
12.34 j
16.97 ;
8.9i :
I
11.97 I
I
12.96 |
13.72
14.46
15.30
15.30
12.24
17.11
12.16
12.31
16.95
8.31
11.92
12.96
8.23 ; 4.37 16.44 , 16.41
5.57 : 2.23
7.63 ! 3.52
9.75 ' 3.89
I
24.57 24.57
15.56' 13.99
14.42 14.41
170.48 168.65 1162.6L 210.68 163.731227.78
ill.it ib-9- {2li-».'72i
206.24 203.49 1222.17 .251.93 187.21 257.41
1 11. 'll .>11:6] It lV/6/TSi
205.62 1204.86 : 219.84 '237.99,198.60' 263.22
I 1 -2:1> J ; i4/h-72*
94.60 1 93.67 116.86 =122. 75l 93.52 : 170.59
' ill'll [ .6/9i >15/l.’69i
lilrfi/S* 1
i 85.01
iltS.cftE,
! 84.39
|iC7'6j56‘
, 84.71
i 25.6,62.
; 151.45
l.7£ia<72i
l 128.16
|r 11 <9.731
j 43.86
] ib/3)71i
! 69.01
jf8f 11:691
. 79.16
ICS'6j 6C] ’
I 71.10
'.id. 16ft
I 86.65
!(S6;6.62)
i 75 92
,iS4: 10(62)
171.76(171.63 jl7 1.41
199.45 (197.16 \ 197.99
198. 12 (197.28 jl97 .28
.226.18 226.60 1226.74
150.98 • 151.83 1 15 1.61
157.25 157.28 157.25
218.64 220.09 220.26
i
102.65 101.67 ;j01.29
158.73 !l59.31 18H.79
172.80 (171.73 169.94
;241.64 239.50 1241.40
70.16
161.52
190.42
|
493.13
198.48
1170.37
196.02
195.18
222.18
151.30
157.07
jgao.ll
100.95
1 157.83
i 168. 10
1241.81
j 67.86
. I
; I
160.99 ; 161.02 [ 159.4B
190.57 190.48 ,183.49
1488.39 483.97 ;481.94
198.29 1198^3 ! 196.64
I I
69.52 68^8
! 198.95 212.13,163.45 236.08 83.71
I til It iV.°i .,l<ifS/72i Will.-eft
247.83 ;265.23'187.6i: 281.87 80.30
1 ; iiii I til lit ■i2e'n:7Ci i30.*5«5i
209.96 '216. 12'1 74.44 257.40 118.78
; >17'l> [ <11.71 'fl5f7r'72i (lr.6‘701
276.65 325.23:204 05 529.99 50.11
, il“/7» : S-3. '.l2il2,T2iil2Jl7/ea
176.27 1187.87 146.91:211.65 ‘ 95.98
; I '2.'li ib-ft ' 1 1 r-,'121 115 6/70)
196.64 217.48161.081 235.08 ) 94.62
[ • ‘3/ li tLlii) .ilo/c/72] ((25.5(701
,228.23 250.29,216.08,260.29 81.74
i!6[l» >LS(9i tlfi;i/7ai ‘
1114.53 .126.47; 95.321 135.69' 87.91
j ■ 1Z1I) iJ Z?i i2o.'-;,7Jj Iiiftii/Kl
!l79.53 ,186.50,148.34/ 204.39 72.74
J 1 12/11 i9/3i ii IC. S/721 .(S.il'661
1 20 1.34 '213.80 161.55; 253.72 | 89.90
' i2/li -OiB, |i 17/4,63) iDQ/7/6£)
274.40 ;289.66 236.48 359.16 94.54
I . /2/3i i ib/4j 1 2/8, ‘72) l,13.'6 1 ’n'j)
64.46 BO. 79; 61.76, 135.72 1 44.90
! ' I lb/ ll - (24.-S) MS' l/70i I
I i
179.63 :19 1.47. 155.24. 201.92 ' 93.29
1 1 17 .' 1 ■ . («;9> -131/1(691 '.25 6'62»
1213.73 .227.62,165.93, 246.06 1 109.12
1 <9/1 1 .21/31 > iL/H'7Jl l|26'r.'70i
1469.26 '515.97 420.07. 517.00 ' 90.80
1 1 19, li I (r-ri I :i5/li-72) .(S'f ii«3»
225.87 1252.39 183.52 258.83 \ 76.52
■ il7/li ; (. 39 , , , ■aa.7", in: 11 , 'toSi
I Tara E«p. 57S.
1: 2:. 7'.otLn. 55'j: | Runt . man .Waller, <2So> 153
. ilOpi 1041; 5(
one 4, ia 40 j ™ & COFFEE US)
31 '«■ . ICMniacl- Nldiiv. 175
ber Prod. .10a. 40 1; | ConiolicJied Tea »nd Lands 1,5
-10pi 32 I Scott. vh Assam A 25
1 r2 I War<cn Tva Holdings 62 1
23PCPI. uop> 19..-D iw.liumjfn Hides 71
i'i«
d JO
30. 60 •: 9 1 SO.
•.H
UBt
I \G (74)
'rad-no 360
>• 277® 6® 80 75
4.;® 6 : 5
■n SrsS- COpi *d 97;®
[i 79 5oi.P1 illOi »d
6®
]pi >d SI 1
oolurrs >25p' 1070
8 7’- 7
■idmc 'ISp* 167® 70
S learn Na». SocPId
4-.® 5® 6® 3® 4® 2®
’ TRAAnVAYS & OMNIBUS (1)
I Lisbon Electric Tramwavs 265
: WATERWORKS (6)
Easl Anglian Water 4PtDb. <Aor. and Oc;
31 _
Iwi .Wtr. SoCOb. 36 >.
Lee Valley Wtr. Ape Ord 31 ; «®
Mid-Southern SpfOrd. 59
SPECIAL LIST
OCTOBER 1 (21
Intnl Pac. Cpn 70® 8® 80
Jardi»e Malhlcson 749® 22 9
I 25
Jardinc Secs. 105® ■ 8
, Karang, Minerals 4':®
1 Krftje iF. S.i £21
Little Long Lac Mines 90;
MacMillan Blocdel £19:
May DcpI. Stores £17 -s®
; Metal Eap. S3®
j Metrjmar Minerals II
l Mount Lycll 1 00
[ Mvcr Emporium 191
• Norbank 60®
i Pac. Copper .Aust.' 33 -®
1 Pcko Wall send 368 74
I Peoples OeDr. Stores 710
j Priroftna £too •
Philips Lamp 'Cci/pon
1 '.Couann li 325
KnrPf . Pioneer Concrete ) 30
6o<P, |Pose.don 45® 40 50
| Recognition Eairipment
I Ronboume E\n. 14
. Sabmy inas 73 ® 6b
S camand-r Mines 2 .
1 Sekasl E»p. 30
1 S.niev 57
Thos Nationwide 122
, THContmental £14'.
Unilever N.V. -FI 201 £34.30®
I Waltons 139
I Wesirahon Sands 13
’ Wheel otfc Mcroen A 77
J Wheel ark Marinme B S-:3
-'“I Whim Creek SO
jwooaside B-irmah ia* 7 ® 5® 60
6
>/)/ rrT'iii-,i,iu >•* n.r SI.K'n CiJ/iunse
•"'•"••I* I.'
« %
CORAL INDEX
Close 428-433
RISES AND FALLS
Marinn
o37 '•
Sunaour Fabrics
iir B
» ^ 1 Stellenbosch Wines 2 32®
SocCuir istPt. Taloa Props. 1975 Opts
I 14
77> 200.
| -a. a_«j a a.
.xtxx,
: x -a.
Do. i
Up
Down
Same
I British Funds
45
—
4
i so;
Corpus.. Don. and
1 Foreign Bonds
25
i
55
Industrials
442
256
14144
i
Financial & Prop
153
42
497
Oils
4
la
15
n • so ■■■
Plantations
B
2
«■
Kong, AS '■
1;
Mines .
ZL
T3
67
1 B
Recent Issues . . .
b
5
19
a..®. Do.
Ord.
•
Totals . . ..
734
449
1.712
ails of price
j approved
Foods;
over
Commission an- next few days, except where
dav that increases otherwise indicated.
, li.jSTp to O.H39p
SuctTof ll,c,r "whole range of products.
r'!i ,m, fnmilnnv excludin- canned fruit and vc«-
r WSra tables. The increases are due to
Irodm^. Mobil and hJ hor costs 0 f raw materials.
h P ; 'riicularly fruit and flour, paek-
d lietuht charges. in ma jorial* and labour.
In-si* mcri'.tsis jrc R1[M food*; Average of S.4 per
.* .tppiicd fm. ro „ t- on Bisto and Grarymaker.
of Conoco, .in in- Ttje increases are due 10 higher
j7p an imperial ros i s or raw materials, parlicu*
. ayreed under the j 3r |v potato starch, and labour.
<f jianitmph 49 of SplUers-Frcuriia Average of 4."
nlinr these
i
per cent, on rolls, buns and flour I Clarke Chapnum-John Thomp-
i\i- confectioneiy. These increases j ^on has received orders worth
HOME CONTRACTS
Wimpey awarded
£1.9m. housing
contract
George Wimpey has been involves the complete eiectrica!
awarded a £1.9m. contract by services. Work will berin this
U;eds Corporation to build 98 autumn and is scheduled for corn-
flats and 201 houses in two-storey pletion by mid-19T5.
no-lines concrete. The accommo- +
dation will consist of one arul two Metal Box is to install a batierv
occupant flats and houses for case making line costing about
three, four, five and seven people. £230.000 at the Ever Ready fac-
* lory near Newcastle.
Marconi International Marine
companies have arc due almost entirely to the, nbout £ 430 , 00(1 from the Central has received an order from Shell
raise their pump higher cost nr raw materials. ; Electricity Generating Board and Tankers cU.K.) for 40 Radio-
siuiiiard grades of particularly flour, eggs and dried f rom Lloyd Cooper. The CEGB locator 16s, with fuil intersv. i:ch-
n- ih/m Ij) per fruit, and "iil lake effect o\er! ordcr j s f or condensate polishing ing. for fitting aboard 2«i of their
etlcci from UTiurs- the next two weeks. 1 plant which will serve Tour 500 ships.
.-Vllied Bakeries: An increase or f MW generating units at Fawley
■ „ 9 ! per cent, on fruit malt loaf 1 power station. ^
sn be increases m j llt . tl , hicher costs of raw I For Lloyd Cooper, the Chapman- (\jnrFAlL RrrhOflc
oi.jcr peirulcum ni; ,j er i ;i js. including sultanas and Thompson water treatment unit I vl Di Uallo
V d‘»‘T according (j our j will supply a plant providing _ _
21 . 1 1 position of tm- Animal FeedingstulTs: In-, water for a cooling system in their flflSI I folk lin
cerned _ Thc*.e^ in- cre<w< averaging 053 per ton', mini steel mill. l/CFcll UIUS Up
_ _ * , PLEASURE BOAT lolls on pans
R. \\. Stewart and Co. (Glas- of the Norfolk Broads are :o be
I Row) has won a £296.397 raised by a third from next March
I contract from Glasgow (Education by the Rivers Yare, Bure and
Authority to build a new primary Waveney Commissioners.
I school at Summerton. Private craft — mechanicel
^ . powered, rowing boat and punt—
N. G. Bailey and Co. has been — will be £6 a year for the first
awarded a contract worth over ton, £3 for the second ton and
£360,000 in connection with Phase £2 above that to a maximum of
6 of the Royal Berkshire Hospital £45.
at Beading. This order has been Hire craft, other than rowing
Plac ed b y the main contractors, boats and pums, wjjj pav £1.75
| the CED Building Services Branch per passenger. Houseboat charges
I of Rcdparh Dorman Long, and will also rise.
pm into effect -U fnr - R oOT SUcock: £2.1)0 per ton
for Beech am Agricultural Pro-
fin- price increases ductv; £4-20 per ton for RHM
l.-iwinc companies Agrlrtihuw and £4.3o per ton for
mvidcrcd by the J. Bibby Agriculture, These in-
on whose decisions creases are due to the higher
iw. The increases costs oT imported and nome-
oi:cc or w ilhin the produced raw materials.
expects 500 m. to
Royal Wedding
Northern
StO N is Humming land, Wales and
miuniJr broadcast Ireland.
IV VI tin* woddine of Gove rage will hegm on BBi.-l
■ .1 nii Capl. Mark with a “wedding breakfast
ovcnihei- H. special. At one stage. TV and
, ni> h.lc radio will link-up for a combined
V '" 7-nn nnuhwtion broadcast of Peic Murray s
ami .>i)0 prnuiiLtitin _ ., .. u nu <a“
29
jlNDUSTRlAL GROUP (497)
1 173. 48 | — 1
| 9 .82 )
4.11
: j
15.90
■175.44 1173-20 '172.97 (17 1.53
III'
,193.09 1207 .00' 164.67 220.17 120.6 L
f I ,2/11 ; i«9i : 1 1/5,72, | i2'o/71)
30
• Oil (3J
262.79 —1.0 :
i :
5.74 j
4.69 j
25.12 |
17.45
J265.41
j267J8.-j269.66
268.80
I2BB.B7 1328. 391263.79 451.66 ■ 87.23
! 1 (lr.'li | (1/10. .,S3'5;ah i29/5/i>2)
51
WM3ESSIM2M
|181.50 -0.1
1 3.34 ;
1 i
4.18
14.69 j
[ ■ 1
14.24 1
jlSl.49
j 181.43 1 181.40
jlSO.Ol
•201.47 -217.40 175.51, 237.95 84.86
1 | 110/ ll ; i5;ft (16/S/731 :;2Gr6/G5=>
32 ,
33 ■ Banks (6)
34 1 Discount Houses (8) ...
35 • Hire Purchase (5)
36 ^ Insurance (Life) (9) ...
37 Insurance (Composite) (8)
sa . insurance (Brokers) (8)
39 : Merchant Banks (18) ...
40 ; Property (29)
41 Miscellaneous ( 10 )
188.07
£04.61
177.02
,8 18.82
146.55
115.24
209.42
197.13 ,*1.7
294.66 ' -T- 1.2
189.31 -0.2
+0.7
0.8
1 — 0.6
+ 1.7
- 0.1
O.B
— i
3.25
—
—
186. 7B
186.24
|184.16
181.39
13.12 j
3.08
10.78
10.78
202.97
202.63
il99.10
193.90
6.63
-
—
178.17
175.67
175.21
172.69
10.74 |
3.95
13.23
13.23
313.66
312.99
313.54
306.0B
t
3.68
—
—
146.74
146.25
145.21
141.92
— j
4.43
—
—
115.38
115.30
113.67
112.27
7.60 ;
3.51
18.61
18.61
207.78
206.06
204.70
205.82
— :
2.80
-
—
195.77
192.47
192.67
191.88
3.48 .
2.10
38.70
38.00
291.19
290.83
286.92
284.14
10.20 •
4.61
13.91
15.91
189.79
188.95
188.31
187.88
218.12
204.72
256.77
224.85
1230.421 73. 05; 241.41
j f9d) • rwfli 'i21«8/72i
|269.62!189.8i; 258.32
1 itl/1 1 i {{20'7'71i
258.57:167-32! 293.13
1(5/6) : u.-Si i 1 2/0/72)
•374.92 288.83: 433.72
(9 1. .7/4i ,4.-o/72i
,186.26 128.52 194.46
J 18 /I 1 ■ («-i9i ■> lo.'o/Tii
>141.37.102.16, 155.76
, ift,i. .6-0, ,121/4,-721
.249.061 190.98 262.37
(2.-1/ 1 .23//I 1 12; 12/72.
253.12 184 86 278.57
; -9.il ! Ic.iSi '■ il'o/72i
|3 10.44,222.63 524.22
i2.li .2/5) 1 26/4/721
'281. W| 174.94 505 15
• 17/1. | 10:9.1 -18/r./7S.
, 69.83
130-S/fK)
I 69.25
I|ie.-6.‘6«|
I 87.65
\l?(f/oS)
80.02
<3/8.*to)
• 61.55
,30
I 54.40
l< l".3(h-,i
- 82.39
•i(24.7/iWl
50.47
(15/7;«tl
56.01
'.20K.6M
120.06-
(31-12 70 '
42 j investment Trust Group
(50)j ia 2.12 -0.2
3.15 j 3.16 :
S1.B9: 31.761182.49 1182.11 1181.17 1179.58 206.96 226.13 171.91 245.79, 80.84
1 | | | | , 1 1 S'/l i ■ il*'9) (25,4/72;
43 ALL-SHARE INDEX (651)
|181.56|-0.1
; — • 3.92 j
- - (181.43 ,181.26 1180.75 1179.06 1200.33 >219.02 172.39 228.1B 83.72
1 j I | | 1 ! ilOi!) i 1-6/9) | ,1:5.72) (£5.6.621
COMMODITY GROUPS
(Not included tn 500 or
All-Share indices)
44 Rubbers (10)
45 Teas (10)
46 Coppers (4)
47 Miniog Finance (II) ...
«8 Tins (S)
441.57 y0.5
! 4.93
1 4.50
27.02 |
21.63
105.24 -1.0
! ; 3.10
. 8.35 1
49.83 j
37.58
556.37 -1.3
i 27.80
‘ 11.29 ,
3.60'
3.60
100.22 -1.5
' 5-73
I 3.07 ;
10.76 !
18.59
93.28 -1.5
• 7.65
6.87 :
17.63 I
13.85
J439.31 ;441.45 446.04 [404.48 1284.79
il04.1b 1 102. 71 1 102.71 *102.71 ! 96.36
[36097 1362.92 361.60 [373.27 :406.34
101.76 102.07 1 102.38 .101.60 >116.69
91.91 i 91.69' 91.24 i 91.16! 92 84
566.37 415.62 655.37 84. 68
(23/7) ' .22 ll) i(23/7/75i :(25/E,66|
120.92' 102 .71' 121.47 . 59.96
*16/11 • (25/91 1 U/o;/2) i(M/UffiS)
|567.78 350.66. 567.78 , 94.06
(13/7) ,6/9, ,(15/7/73) j(29,«62)
127.69 99.59. 175.90 I 70.95
126 fi) ' il£-9. .(28/4/89) ; (2/11/71)
125.54. 85.67' 126.34 l 54.83
ittll : 1 12/9 1 ,,12/1/73) iL'i/b/71)
•
| _
FIXED INTEREST
Al.+uint la-l. 1 |
Friday
1 TV urn.
1 Wed.
1 TnewUy
Monday
j Fridsy
Bjntv,
[ 1973 Compilation
.Sepl.
s$
*T
: Sept.
| 26
[ 6epi-
25
IrJ
Sept
30
Index
Yield
! T
1
Ao.
%
I
i
Si
High | Xeiw • High | Low
x Consols yield
11.40 ;
11.40
! 11.40
11.39
| 11.58
11-87 j
! 9.47
1 • •
2 20-yr. GovL Stocks (6)
62.30
62.04 1
61.99
! 62.01
62.03
| 61.47
61.49
75.32 i
i 1
74.22! 61.00 115.42 61.00
3 . 20-yr. Red. Deb. & Loans (15)
60.54
60.56
60.55 i
! 60.53
60.53
60.43
60.43
71.06 !
(25/1) • {15/01 -(11/9/65) (13/9/73J
72.05; 60.341 113.43 . 60.34
4 Investment Trusts Prefs. ila)
53.75
12.34
54.01 ■
54.01
54.01
j 53.74
63.74 j
i 63.74
63.74
72.38
: ti.'io. ;;a3/io/6oi a- 10.731
69.76! 3X.01 114.41 »d.dl
5 Coml. and Indi. Prefs. (20) ...
68.31
11.40
68.61 |
68.49 1
68.38
68-01
67.49 |
| 67.49
67.49
77.98
(15/1) j (11)1/1 ,15/0/631 .11)9/731
77.33! 66.90! 114.41 66.90
: iS/1) 1 , 17.'0i '7.' I0*ai) .!7'4 7»i
Section or Group
Base Date
Base Value
Section or Group
Base Data
Base Value
Engineering (Heavy)
31/12/71
153.23
16/1/70
135.72
Engineering (General)
31/12/71
153.84
Office Equipment
16/1/7B
162.74
Feed Manufacturing
24/12-67
114-13
Industrial Group
31/12/70
120.06
Fend Retailing
24.12/67
11403
Miscellaneous Financial
31/12/70
120.06
Insurance Brokers
24/12/67
46.67
All Other
10/4/62
ISO JO
Mining Finance
29/12/67
1DO.OO
1 Redemption yield.
F.T^ Actuaries Indlcas are cal-
Wines and Spirits
160/713
144.76
cutated bv Extel-Comra mil cat inns Umltod
(a member
M Ike Exchange Telegraph Croup) on an IBM 379
computer.
A lilt of Uw constituents of the F.T .-Actuaries
Share Indices is now available from lha Pabllshers,
Um Financial Timas, Bracken House. Caopon Street,
London, EC4P 4BY, price 13p. By Maud post Up
Commonwealth Up. Foreign Z2p.
NSURANCE. PROPERTY. BONDS
Abbey Life Assurance Co. Ltd.
Sl Pau/'s Churchj-ard. E.C.i 24* Mil
A^tcr Rn. ’•»)«. £7 30.8 32.5 .... —
.I*-. \..T 0)1 ■>i-p>7'25.5 24.B .. .. —
>Ai.Vvf*r‘.^?I52.! 160.4 —
l.vA.s-(.'nit +.|-.; 134.6 141.7 —
lui.l'Mil.morrr.S 138.1 145.S ....
>ifi'-,-rn'Hn.| .'fill 68.5 72.2 . .. —
P-dI'iiH *r|>Zi 59.8 63.0 —
Atlantic Assurance Co. Ltd.
Atianr;..- Use.. BJUiagshursi. B'bursr 2153
MI-ViberA. .I.'t ..95.5 100.5' ... —
•Inv’rni F.il'mir 131.0 . . —
V)i»inn F.I L'iiii-. 127.0 .. .
Barclays Griffin Lire Ass. Co. Ltd.
I'rJCOTii Hs.. 232 Romford Kd.E7 Ul-535 1211
Hsr.-isv Ik-n j- 93.6 98.7 —
Ccrrcm unit ralue Sept. 25.
Wm. Brandt's Son and Co.
5 Yield %
Ebor Phoenix Assurance
4 Gt. Sl Helen's. Loudon. EC3 01-3P8 171
A'Mirv,! £m >ep)-3 50.9 —
Kn.l'»iii(irt,s|iy. 52.2 . .) —
Fidelity Life Assurance Ltd.
Fi'lellry Hoos*:-. Corponuion Siren. Hmh
Wycombe. Tel. HU* 35821.
BAiui-riomi fitliF.i 39.4 41.5 .. ..j -
vFleTihle Km, -I. .. 20-5 21.6 -
Tthvi <•) Tru«i».. . 48.13 50 -8B ....
n... L „|. 49.3 51.9 ... -
Growth & Sec. Life Ass. Soc. Ltd.
Unued House. W.1L 01 -2^ 6165
Vbiii.l1«i]Ii 87.4 —
!*Lnn.iT. , ufcSe.~.U-90.5 92.9, —
I F!LS •'U)vr Krnirt 820.01 . —
Guardian R.E.
Koyal ExdiiMi;. E.C.3. 01.257 7107
• Hnienv BirfUK. 164.5 166.7 + 1.1 —
FVmnuo F,| l ir 97.3 102.4 —
16. FcDchurch Si- E.CJ.
Hmn,lr« t.x'mij . 91.7 94.1. 7.69
Canada Life Assurance Company
6. Charles II Street. 5 W.I. 01-9.10 6122
Cf Kil Sn». J 50.1 ; —
f;pr nit F.i scjfl.f- 1C6.2 ! : —
Cannon Assurance Ltd.
l Olympic Vi Wrably has ONB.. oi-pos SS7»
®Balj<a.>it l ulls,. 924 —
®E,lu:rr L'uii £12.46 '—0.01- —
754.0 j .... —
924 : -
849.0
10.01
01-626 6599 Hambro Life Assurance LiraUed
7. Old Park Lane. London. W.i. 499 0031
• Ha/obm 8i|iiiry. '129.1 135.9 —
®ri>.)»nr 129.2 136.1 —
VMom~t«t ..-119.6 125.8 ; —
®Mnna K »l Arv. ! 124.0 130.fi .... —
«Hen. Prop. t ap... 136.1 145.5. + 0.2 —
®1*tn. Pir.p. Art... 148.6 156.6 +0.4' —
•Pen. Mon. i 'ftp... 128.5 135.3 -r 1.4 —
•Pen. Man. ... 140.3 147.7 +1.7' —
Hearts of Oak Benefit Society
Elision Road. London, N.W.1. 01-387 5020
H>anft -4 flak 33-5 35.3 +0.2; —
Hill Samuel Lire Ass. Ltd.
NLA Twr . Addlscombe Rd., Cror. 686 4355
Hill SomPnipl'mi 147.1 154.5+3.6! —
D... Man. I nit... 96.2 101.3 +0.s! —
SHARE INFORMATION SERVICE: NOTES
Unless othorvrlie indicated prices are in V Excludnt! a final ft-Rdcod deo'.ara-.nn
ponce, denomlnaiiofu are 2Sp and a Regional price,
dividends are ia net perccniasc terms, [j \<i par value-.'
Eotimaied price/ earnings ratios and a Tax fr<+. ’ br.n:-« bivd or. pro«.
covers adjasted to corporation lax ot 50 or oiber or«e:al c C.-.:s
pm-jptr com. on imputation system eiTaciivo d Dlvid- nd rate or pavaci- on part
I-I at V/sn SS will take up most ^ s ^l
Him will be ante to of the remainder of t be morning. I Uou and rights. p-nmne 4Etn;us hcpm pr+
tW-driinu, with pic- r..™ Flcimuu will be the chief:* Klcte and laws maited ttau; have bees ImiagtT fisurcs. r Aus-ra;.an nrrencr.
"to** !k commertator! nfc Hc wifi describe j jTSS. ” — " — “*“ 'JSST
be Guriivision liuk th( , scen0 G f the processricmal 1 J
cuch 33 the U S.. rmue at1t i the manriaRe ceremony
untralin. , n t h c Abbey. Coverage will be
the details in i jQisef] by Aiasiair Burnet and
2 rday. Mr Bryan Valcrir Sincleton.
of Television Otit-
is. said: “ From the
*vc received in the
■age from every
k in the U.S. and
m on wealth. Europe
GO-AHE4D FOR
DFRRY BRIDGE
Work on a £10m. bridpc
in
innnu - c ^ itii . e . u>uije ftn ® . ..
iv funic clear that Londonderry will lo ahead as
Planned. Mr. William Whltelaw.
rid wauls 10 anend [ 1K(cr Secrctary £>f state, con-
. I. ... «« firmed yesterday to the new
in kc} points on Lonrton^pn-y district council.
m:.l route and at He aj(1 uncertainty about the
Ali hey itself, there pro j ee t had come from people
ave from the War- w ho questioned whether There
Sublet of Alison should not he a ‘•less ambitious ^ ir , ll<L . lu ulTiur „ ^
“C Princess Anne project which would be less easy. J Q, ver does uoi allow ror Mbarea wMca loial io Cate
lc. Other sequences to damace.** The new bridge is J
-Icbraticmfi in Scot- to be completed in 19T6.
interim tor qaancrh > since in crossed rdaii-s u previous irr^frid. ? v r^tio
or KMimri based on laK-sl amcal carr.jnjjs. u re,-
S lMi-ruu n»r quarter It) since reduced cast dividend; coi+r h-.y-fl as rr-.-rlu.-s
passed or doXerrrd. rear's i-aroingv v Tii. Irv- up :o -Op
C Nut comparable: act dividends paid, m ifac x. w VlcMs aUou for carrvn.-v
•p Figures or report aw ailed. clause. 1 Dividend and jrkii" taied or.
IT Banks and Insurance: reserve alloca- merser lerma. s P.r.dcnd ar.J n. id
Uons may preclude calcuiauons of include a a pen 3! payawnt; caver docs
dividends cover. . noi apply to sikc ;-1 payneni.
f Price ai time of suspension. * K>-1 dividend ar.d Tie A a PrelepjT.ve
■ Indicated diridrad after pendinc scrip dividend passed or dd-rred cCaae.':ai:.
arul'or rkhts issue: enter relates 10 c Floors ba«nl no pn»o,^:iis or o-vr
previous dividend or lureeasi. offiriai esiuaom it, r 5971. r F:cnr;s
A IndicaiL-s intL-rirn dividend since paid based on jrapiciaj 07 oilier 017 j-al
where none was paid before c.unuii's far 1971-77. 5 Asr+rn-d divid'rd
** Co nv,- ruble loan siock issue jo and yield ar.?r r, — 1 -7 <77^ and or r.aS;v
existence. iuov. i< Escluing rr/und^ cf I'.S. Ciiu'ai
4 M-TRi-r bid or reonunuuiloa in 1 tains Tar. j r.-^ur-.-v ba».d on
progross ids or otter oftic.s! wiaivt it r 1972.
4 SBeelol deposit n-nificaies. m Flauix-b bssi-d cr. prospectus or other
tf, Sjnie intrrini.. ivdnted dual and/or o/Staal (S'-imctes fr,r .97;-7i. v Eqiai'3-
rvdacvd earnl/iKS indlcsied lent rate b,-r-j-^ ^ddiuor.a! cap;'*? way
I Cowr allows for cotnvrsJoD of shares paid up. r Vu-ids ba3rd 0 = 3P67 post; cis.
ihx now ranklnn for divfck-ndt. or rant- a Cross. r7iprti asstmud. l ‘uniG-
uik only for rrsmcnfi dividend uni enrporauoc Tax pvgHe. f. Dividend
may also ranis for dividend at a future Abbreviations:
date. No p/c ratio Usually provided, serin issue;
xd ex dividend: *e ex
z nxfcts: xa ex a??
•Property t'&ii...
•F.cee. Rnl’.l I'mi
tw. E-,V; l 'nit
Exee- Prop. I'u il—'
Current iron value Scpi. 23.
*R«l«in.+-l P. n-1... 924 97B ... . 1 —
•8>|,iltr Brn-1 849 898 . .1 —
•1’— peirr b,-n.l.. LIO.OT 10.59 1 —
Capital Life Assurance
29. Throgmonon Sire.'!. 61-62R 5S2S
K r *' Itn.-viit. li 118.57 — |
The City of Wstminstr. Assur. Soc- ^ „
Rinssi'-ad Hods-.-. 6. White Horse Rd.. 1 imperial Life Ass. Co. of Canada
Croydon c.'pn 6S4 6944 : Impenal Lire House. Guildford 71255
fPiN l n:t-J ne 71.1 74.7 . . — I *fir'vrt!i F !^p[ TK) 49.8 53.5 —
Zl 47.6 50.0 — ! Pf-n'c «i IiFi1X7|*i iic 40.7 44.2 —
The City oMVslminstr. Ass. Co. Ltd. [The Individual Life Ins. Co. Lid.
F.tnsMi-ad House, fi. white Horse Rd.. ! »?. f,\a Broad Strc+i. E C 2. Ol-sa 1730
Hodge Life Assra ranee Co. Ltd.
114-U6. SL Mary Sireei. Cardiff. Car. 42577
• H.-i^ir K.n.i* .... 39.4 62.6 .. . —
iFnikp.ixs 53.7 S6.5--0.1 —
Drayton Bond Ind. Savinas Flan
f-lfanaam; K nl«s..'96.2 101.3 -
• Pnii-rny L'nli -. 98.8 104 ll . -
•iiqnli.e L'uii- 83.1 89.6, -
VFised lnr. l'mlr.99.1 104.4 ' _
Investment Annuity Life Assur.
B. Detereux Court. W.C2I. 01-053 51
c.-pydnn CRQ 2 r -A. hf4 6944
Aijs U-48.0 44.1 .... -|§
• lAt-iRftiife Jcr-I* 60.0 — p
V*|w,iilft|.4 Iiv-ilr. 41.5 ... —
•IV-ii.imv IlySf 144.00 —
Second .Managed Fund
•rrr.'rn- r Ai>y.:l 113.7 ( —
• E"l»n'-«--l J 1 109.7 —
•r.iiVnnt-1 \,ic'l 100.0 — |«Li..o E-inltv Kn.|
Commercial Union Group , •t-i-n E.,iv F iAn.-;
Sx. Heim's J. Undvrshafi. E.C2L 01-283 7500 I
m m v. a a f fLl»D rUai|\lHht^
Iftruib'eAnA- ( .» 54.92 _
He. inumy I 1 * - Ulp+i ProjilVoft'n
Coruhill Insurance Co. Ltd. •UiuiHi a ],Y.lPvo
3t. CornhiU. E.C.3. 01-6=6 5410 •JJ'-uJl'piCitliFil 60.7
| vLr.nll VcJLap P.1 58.6
96.6 <
104.4
68.6
78.3 :
103.2
69.0
79.3
64. ll
61.91
'i ~
•t'arnal ~er-l IS 131.0 '
•r.,>..-;irVi .-[,t e 5S.0 - (Irish Life Assurance Co. Ltd.
•MnCit*iLM.~»-:.2G96.5 102.0 — | ,i_ ritabarr Square. E.C.2. 01-628 B3S5
Crescent Life Ass. Co. Ltd- } blur «. inpi'mi F.i 63.4 67.7tn 2 . so
ErjyHtti- Rev, Mdnhd. Berks. Mdnhd S4B5S, FrvpMj>Wteiii|*l 146. S 153.9 1 —
• n*.P:n'.ilir . Pi 48.6 51.2 — 1
_ .. _ -i King & ShaijOD Ltd.
Crusader Insurance Co. Lid. j ^ CoTBhU ,. E . c . 3 . M ^ a ^
Eov-nns BIdRS” Tower PL EO 91426 M31 { |v.b>I Fund £115.26 ' -
rSrowiS.ProirfVi. 2 59.S9 65.1-0.6 - ; N .„ rohsenpuon day Oct, = .
Dominion-Lincoln Equity- Assur. , . . . ... . _ . , .
u-2i. r.i alt ravers St.. W.C *. 01-538 3SS= i ^ AsSUranee * jtd '
C.'!!. ?»}t. 1? 388 8 ■ — [ MtEdal Bse.. Ffnsbnry So. EC2. 014=B S8S1
Ea^le Star ln5ce./.tlidkmd Assce. |S3af5SiT::.“ 0 «« 1 ' ; - I
Inert! IWOt Adrua-rs. Hill Sasiurl and CO.. ',p n .i- nT Bond.. 130.2 137 0 ... I _
IDS. Wood Street. E.CJL 01428 Soil j l*rr.p‘yfn 1 ,»iLl5i 30.B 32.5 _!j _
Ea^irlLrdl'd Caira,46.9 49.2; +0.2; 5.28 J PnipunyFa.L*OJla|lS0.2 137.0, j —
; Yield %i
Life & Equity Assurance
Nonhcliffe House. Colston Are.. Bristol
ESI 4XB. 027= =97751
WM Inv Srp*. lfcOO.O 42.5 —
•ft>l Bit Wept. 19. 5 d.5 60.0 > —
Life Assur. Co. of Pennsylvania
3942. Neu' Bond St.. NWlV t*RQ. D1-4W 8396
•ALII V l nil* ,922 968 .... -
Lloyd's Life Assurance Ltd.
17. Leaden hall SL. EC3M 7LS. 01-6=3 6621
l.'UulrtiiFiie'pt.S 0.85460, .... —
London Indemnity St General
KonkdllFe House. CoUlon Ave.. Bristol
BSl 4XB. 0=72 2972S1
•JlftiH'v ManB/rer'24.7 26.5^ .. . ; —
Flexible Fnihl«8.9 24.2 —
M. and G, Group .
Z Quays. Tower HUi. ECIR BBQ. 01-626 4583
Equity Sept. 27. ...105. 2 109.7 .. .. ; —
•Fa mil v Eds 1976! 103.2 | —
• ll... 1977-P6 119.3 i —
Intern Ma5e|iC27 85.8 90.2 —
t»Pel'lPeroSef42B 146.D J50.4 ' —
tSwii Scj*. Sfl -130.B 137.4' —
l Me Manc'ed lov.'SB.B 101.7i —
Magna Assurance Company Ltd.
IS Chequers 5q. Uxbridge. Mdx. uxb. 32181
Mn^na Ubk'ii Frt.' 107.3 -
Mnfrs. Life Insur. Co. (UJv.) Ltd.
ManuUfe Hse.. Si. Georf.e's V/ay.
Srevrnaee. Herts. SCI 1HP. Slvnace 36101
•Manulife inv ls.1,33.8 35.4 -
Marine & Gen. ftlutuaJ Life Ass. Soc.
1. Sl. SkI thin's Lane. E.C.4. 01-623 S2U
Eijnftllnk Se»t. 10. 120.6 123.T _
Nation Life Insurance Co. Ltd.
Nr 1 Hse.. Teddlngloo. Mdx. 01-877 8811
•N>..-|| rn.[, Hdn£t.474 1.552- | —
C«;.,ial I'nJU £1.154 t.CIBi | —
NEL Pensions Limited
Milton Couri. Dorking. Surrey. 5811
Vein Ae»-m. L’nlw.65.9 60.3' +0.2; —
Nelet Lay.it*l 157.E 60.2 t —
Next subscription day Oct. 23.
Norwich Union Insurance Group
P.O. Box A. Norwich. NOR.88A
XVh I’mi W 134.1 | —
Oaklife Assurance Ltd.
1-5. Rnrley Street. WIN 1DA_ 01-580 1221
Oaklife Man. F.I..I97.5 102.61 —
Old Broad Street Secs- Assur. Ltd.
39. Kwe Street . London. E.C=!. 01-600 KJ01
•Mer.tnv.3lan Bdi 110.8 ^
•Mer.Ini.Pty Bd.j 142.4 : —
•Kquiiy B-.n-l.. ..I 85.0 1 —
• Pp.|«. Pena- .....I 134.9 ; —
Phoenix Assurance Co. Ltd.
+5 Kin* Will lam St. EC4P 4HR. 01-428 9376
•W'iTi As*'./ Bnn.] 96.3 101.4' .. . _
Prop. Equity & Life Assce. Co.
U9. Craw lord Street. W1H 2AS. 01-486 0857
•1 l.J .t S IUi Pri-'pBd I 162.0 ■ _
•r>o. Snr. Man.... 101.3 i : _
•lK).Ail.Afrrii- B.1 IOO I ' _
Property Growth Assur. Co. Ltd.
73. Brook Street. W.L 014B9 4171
„ l Yield %
Save & Prosper Group
Gl. Si. Helen's, London. E.C.3. 3S8 1717
•Darned lnr. Bd. 97. 0 102.2 , -
•R>|rUv Bou.L....87.4 92.1- 1 — .
Kt)i,iryIVuhloiiF.J 96.7 101,8— OJ
•*Mlm U*-ii'J'... ..'24.4 25.8 —
••■Property Fda.117.1 123. S —
***IV|.. IVn&. Jd 101.8 107.2. — .
•Price on SepL 27. **SepL 17. •**Stdl S. ..
Sareguard Assurance Limited
Swan Court. Peursfidd. Hams. Ptrstid 3281
•InveHimeoi Fad 101.5 107.0 ■ —
Schroder Assurance Limited
319-225 H. Holbom IVClV 7PR. 01-24= 8252
•FlexfNeFii/rcp5796.0 101.0 ...• —
Scot. Widows’ Vitd. & Life Ass. Soc.
9. Sl Andrew's Sq.. Edinburgh EHJ nvtt
•lui-+.trPl.v*'kT.l ?44.1 249.0 +11.0 —
Sun Life of Canada (UJv.) Ltd.
2. 3. 4. Cocks pur St., SIV1V 5BH. 930 5409
Maple L«al Sepl2e 141.38 _
Target Life Assurance Co. Ltd.
Taree? Bouse. Gatehouse Rd.. Aylesbury,
BucJcs. Aylesbury 0296 5941
liaiifpl B..n.* Add. 96.9 102.2, —
Prop. Bern 'i A -vein i 137.0 1 —
Prop.BnndlnveM.' 126.0 »
Ret. PlanCap. Pen. '66.1 7O.1+0.5'- —
Ret.PtanArc.Pen. ; 68.4 72.6 +0.5 —
The Trident Insurance Co. Ltd.
No. I. Kinusway. W.C-. 01436 2716.
Trident Man. Fd..| 95.0 IOD.O
Trident Carlin F.i: 95.0 100.0' 1 —
Trident Prop Fundi B5.0 100.0; j —
Tndent Equity Fd' 95.0 100.0 _
Trident BphVdF.l' 95.0 100.0' 1 —
Trident Investors Life Assurance
Marlowe Hse., Lloyd's Are.. ECSN 3HB.
01-4S1 6461
•TridentFd.'?e|iiS , l; 164.0 I7J.0 —
Tyndall Assurance Ltd.
18. Canynse Road. Bristol. 027= 32=41
“Booti Fkl.^ept.191 1J6.4
• F.q 1 ii ty F,.l . pt IS |
•Prop. Fd.Srpt.19
•l»o. Pen. Sept-!? 1 !
•G'lt’d B(LS?ptl4
Port. Bci. sept. \h
• 5- ’vay Pd- sc pi. 1 9
152.0
140.0
131.4
108.4
94.6
132.8
143.4
VSP2.93
169.0
715.0
152.0
33.4
131.0
122.0
roii'ty Gr'wth.
•Agricultural
•AM»y Nti. PG..
•Shfnli'.i- lnv...._
Ketlro Annuity....
‘(mined Annuity-.
b'ext val. Ocl 3. -Nor 1.
Prudential Pensions Limited
Holbom Bars, EC1N 2NH. 01-405 M22
fufllity Fil.3ajK.19 1:16.60 17.12, ■ _
Fired Tnt. Svpc.lMHO.U 10.36 ' —
Prop'lyUdSem . 19 £17.0 1 17.54, I -
Reliance Mutual
Tunbridge wells. Kern. IH92 22271
Rel. Prop. Honda.. 155.0 • -
Royal Insurance Group
L North John SL. Liverpool. 051-236 6622
•Royal b'hieldFod| 103,8 109.8) | —
• l*o. Pen. Sept. 19,
'-way lat..'>,^.19 .. .
“O'eeaft In. .4*pt. 5 93.8 97.0 —
New sub. day Oct. 17. »0«. 3.
Tyndall Pensions Ltd.
18. Can ms c- Road. Bristol. 1H72 32241
PerPenPlan .-efrt3 77.0 I .. . I —
'•wayMdPnF.l.SJ 104.8 —
F^l'tyPenFd 5 er.t3' 113.6 ' . .1 —
BoodPenFd .-eci> 101.2 ' .' —
Prop.PenFdSei»3, 100.8 | —
Next val. *OcL 1.
Vavasseur Life Assurance Ltd-
Mar! owe Hse.. Lloyd s Ave.. E.C.3.
01-451 8481
T.-.tal nrow:h P.l. 94.5 99.S . . —
Welfare Insurance Company Ltd.
The Leas. Folkestone. Kent. 0303 57333
Exempt Flex. Fd.
Exempt Pror*. F.1.
: Ex iv. 1nv.Tri.Fd.,
[ vFli'£iL'!e Fund
•lltv'im't Tir.F.-L,
•M nne.vmali vrF-l.'
•Propetijr Fund..
SE.2
117.9
95.7
93.8
101.3
103.2
123.-
, 1
I _
Windsor Life Assce. Co. Ltd.
i. HSsh Street. Windsor Tel. 681-M
LnVInvevW.rPifin* .46.3 *5.9 —
FulurvAse'ilfir'ih 44.0 '
Kei’mt Ail'd Porn £‘17.47 ;
NOTES
} Yield allows lor all burtns expenses.
D*" Pence except where otherwise indi-
cated. * S/he It premium insurance bonds.
■ Net of tax pn realised capital game
t Index.
— N« available: exchange restrictions.
"inanciai Times Tuesday October 2 1973
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29 Hirbfrm'. *£1 .
58 HcrteniEC, 1
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Hiph Liw
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159.7
MOTORS. AIRCRAFT TRADES
Motors and Cycles
215
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EKNSTBELSTCDaXO
Europe's leading
STEB-STOCK SERVICE
Lombard
THE LEX COLUMN
/; . The^Enanctel Tunes Taes&y October s g
Index rose l.l to 430.5
Financing the growth retailers
From Associated Dairies would be unremarkable for a folly to invest in colour rental through' the market was £101 'Westearly in the year. If this banki and .a- .. „
rough Bejam to Telefusion, straight food retailing operation sets carrying . a doomed .pur- per cent, with the jobbers issue: goes well— as it Shows acquisition appareimi p
— — . 0 f yesterdays re- growing at 25 per cent, in terms chase tax content ahead of ■■VAT. enjoyiDg a fuH 1 point turn every sign of doing- 1 -*!**!' Wall senfedfiK sizeable discount on net
is that physical of selling space this year. But it ended the year with film, on the 25 per' cent of the issue Street continues to recuperate ^
throui
the message
tail reports
statement which talks about relatively lower than Asda's. the That says Telefusion, leaves thoughts "about- £lQ0i ‘they ... aims and ^ -the _&ianciiig.rjju
delays in new store openings pipeline is longer with the need, i t poised to hit the rental apparently feU into line at the -• . ' - ", V meats arrbotQ very -amBim
due to the building dispute and to maintain depots— backed up market in a big way this year, higher figure— the argument Housebuilders - -V ‘ - Its . property - development
subsequent acute shortages of *>y outside cold stores— other aids should be a £im. or being that they have been at v -,„ ' n i.,, ceaeraDhia ,,
building materials. Additions instead of the direct deliveries so tU rn-round into profits in risk since last Thursday night; r Jrf n the keys ° f , n h£
to fixed assets levelled out at from manufacturers that Asda coIour tv manufacture, the cash indeed, Wall Street has’ been W2-73 ^ J® _:£?•
£3.1 m. last year, forward com- can take advantage of. generation of the Trident die- weak rince.thea. - ' / ' • - Gre ®^ llt St ■« -decided is -how, much equity
mitments are more than trebled Bejam, too, can have a lumpy rouat side and the increasing One^ht also _ infer ffiat the JOOtd
at £3.4m. and the suggestion is capital programme, a major densities *" Mrisfitur rental inhhm-s «w a eruid .ipmand fm- noUsitig sales up son a .sizeable part- oT^hidi have
that Asda s forecast
record year will have
much more than
extensions to. and the rnatura- <v iu tliat Telefusion is aiming to ex- explain e a in various ways; u.2>. * — ~TTi’ wumu . /-s"**?*- «
tion of, existing selling space. th* retailing . outlets— which d its branch total companies have beenless ex- Pk^ an the mar - , bank ip the bopfe . at^me
Asda’s capacity for physical balance things up a brt at from 161 to nearly 200, getting pansionist in the UJK., short ! 0 ^ by .. the and Property uayestoents
expansion remains. Belays to £18,000 to £20,000 an outlet average densities -down again terra interest rates have; been a still, sola out ap^t mn^ 0 f around £2nu .So : much for
the seven new stores under con- against the six figure numbers ^, d margins, it hopes, under relatively low untiL this year,'. m P n *^ Vb ^vance. • i rre iacs is risfe. and : revfnrdSv in:
Public
attitudes
to world
poverty
illiomiug i.apauuivj in uiu^ua- j v »*4 w*jmw miv -> • ww«“v tcvcuuji uic.. loot uvu &auixuo *“ - w r M *“ — ; — — ~ - •' ' ' ; _ ■- • - « . • - %
sised by a stock/creditors ratio rental side, up 32 per cent to General Electric 5$ per cent, have swung <3E T s way, and it Barratt Developments. .on . a pnce gams 01 a? eignui
BY C. GORDON TETHER of only 0.53:1 which means a £llm. f seemed to be trailing Sterling/Dollar Convertible yes- has cost reasons for wishing; to national basis. Meanwhile, total over the past coupie.of we^^.j
lot of supplier finance. .With some of the other specialists in terday were a little perturbed fund ' the overdraft run up in! borrowings remain below the and examplesel^ewhCTe m/the*
the rich Be J a£n « the ratio is 0.86:1 which the field. Tele fusion saw it as that the price of the stock- buying 49 per cent,- of Allen. £7 .8m. book cost of th$ land' sector of selling arterresulta-
strucuon mean that three will the straight supermarketeers control,
open in the second half of have been talking. But the real
this year and four in the first balancing act comes from Tele-
half of next; it has a “further fusion, which trebled its dis-
of sites, and its count .retailing turnover to V-uuveitiuie
premium is high enough to be lot a couple of years ago, and _
II1U US t-uum .tciamug miuvici vu ■ worth . postpo ning .-.- .- ■ Very stiltwider ambitions are evident . _ . . ... .. . , . ...
financing capability is empha- £18.6m, last year while the TV Some inquiries after the recently, the last two factors in plans to promote a restyled the mun^ate-hurmtearo.sharo
reservoir
iviAii t tij uiiui iiuo jva* i . — . %• . ji. v • ; t ;v ,r * vr . -
and this type of financing tends that the North-east will ■ . market capitalisatifiiv of^-^Sin
only to dick when Wall Street account for about - aod f or a net p /e of. 5 J against
looks attractive and the dollar year's output, against, the whole a diluted,^ 6|. for, Barratt/
is high enough to be .lot a couple of years ago, and ^ :: j
postponing- - Very stiltwider ambitions are evideit . Tor both companies,
DO YOU think that
nations of rbe world should be
prepared to devote 2 per cent,
of the further big increase In
affluence they are expecting to
enjoy over the next ten years to
ensuring that the United Nations’
target for assistance to the Thtnl
World is achieved? And it is
important to understand that
unless it is — as World Bank
President McNamara pointed out
last week— “ the SOOin. now
living in conditions of hopeless
' squalor and without the basic
necessities, of lire” stand very
little chance of seeing any
improvement in their loL
Leyland takes Pay Board
ruling to court
Newsprint
producers
invited to
DTI talks
BY ROY ROGERS, LABOUR CORRESPONDENT
Lome Barling
BRITISH LEYLAND is to mount ward off the threat of protracted majority of the money falling In i NEWSPRINT ' PRODUCERS in
against those of the vast majonty reDea ;p d r pfn Sa i to allow a time boost ^ company’s pay stage of the deal will however
of our fellow human beings. Yet, .l? _ pnt h j h w0 „iff h'ave rationalisation programme. preclude production workers
remarkable though this may . . non-nroduction involves bringing three from receiving an additional
seem, there is at the moment SJ k ’ th Austin-Morris separate groups of Lcngbridge increase until the agreement
very little prospect of the. target £« nib rianf £rain" - workere tot0 one bargaining unit expires next May.
being met Official aid alloca- Piant a , I^ngbndge, _ Birmin^- an increasing by £159 a week
boon harp v ham. increases of £4 a week back- •*-
tions have recently been barely
averaging half of the UN target dated to July.
Though some countries are
putting in a bigger effort the 3nOp Stewards
overall trend is actually down-
caused .partly by falling home
production, , .
The move arises out -of- talks
yesterday between Mr. Christo-
! pher Chataway, Minis ter for.
; Industrial Development ■ and
members of. the newspaper
the amount available for the non- Fatter course
production workers under the ■ - ( industry Tep resented by 'Lord
I Jd “ad w aifm !
Thia. the company claims., is the Pay Board ruling and p^sidem ot'Sl
Phase Two limits of £1 plus 4
per cent.
The Board has ruled that £1.59
the ■ Newspaper : ' Society, - . and
delegates from the U.K.. news-.
print users’ committee
It' - was thought -‘ that the
'Government is now sufficiently
even put Its present well-being in the company decision to only £2.« a week f£l plus 4 per i at ter couraTof actioiT^ does not! c ? nc f rned ^5
jeopardy — such parsimony might challenge it through the High cent, of the non-production Lpan th at Leviand will K e j 8 bo r tage, which has caused
appear to be almost unbelievably Court were reported to Long- workers’ rates) can be paid from. e mharkin- on a test case as the natinnn anri nr< " r ' n, '’ : ' new ®-
Short-sighted. bridge shop stewards when the July and that the remainder Lon^bridce situation is probably
’ . Plant reopened after a weeks must await the anniversary of -unique, a successful action by
' Thpir Ctorv holiday. the production workers' long- Le>b) D d might induce other
t UCU The company, which refused to term deal This was concluded ^rUes to consider contesting
But don’t Imagine that the elaborate further because of the last November just before the Pav Boar d rulings through the
Doliticlans are going to accept impending court action, has pay freeze was imposed,
the blame for the consequences obviously been put in a difficult The production workers deal
of this behaviour. For their situation by the Board ruling, gave them increases of t .
story is that their hands are tied At stake is a deal which could almost £10 a week, the vast
because you— the general public
-i-are not prepared to allow
them to adopt a more generous
and enlightened attitude to the
vtorld poverty problem.
This has long been the
standard reply of the British
Government when asked why it
sets such a bad example to other
w2 e an^in^ e to b do re ^th n8 the INTER-UNION talks’ to try to stewards’ convenor, before the to the electricians receiving the
Urtited Nations official aid target, save the jobs of 8,000 Chrysler meeting that “we shall remain £190 offered by the company as
s onlv about tbe virtues UJv. emnloyees threatened with finu. ,f this would do no more than
oflhe private investment method the sack ended abruptly . here restore lost differentials
or helping the needy. And the to-day with the electricians lay- Predictable Chrysler has suspended im
Minister featured it again ing all the blame on other unions .. . .. .. plementation of redundancies—
. . _ . I.. ,u n fi>r their hvn>mnn1h strike for an The reaction of the Other w t n - ( >i 1 .-imnnnt to one rn three
ward. Bearing in mind that the fc _ F f4 must hp aelaved possible by using money which possible protracted industrial
advanced world may not be able ® *. e , e th Lev i and is hjZ would have been available to action; to make moves to pay the
to go on augmenting its affluence ’ * 1 production workers under Phase increases and face Order stopping
unless it displays a much greater " uun * p Two were they not covered by a payment; or to question the
willingness to let it spill over to Yesterday the Board's in- long term deal. ruling in the courts.-
the less f ortu nate — indeed, could sistence on its interpretation and the Pay Board has ruled that Tbc decision to resort to the | ranc ^ rried about tbe newsprint
shortage, which has caused
national ' and provincial news-
papers to cut the number of
pages, to get . consumers and
suppliers together to seek \ a
solution. ■ , -
Th® . Newspaper \ •Society
expressed particular anxiety,
about the fnture of many smaller
provincials where a few tons cap
be cruciaL , :
One publisher said:' Supposing
we have a hard winter In Canada,
and the St Lawrence River is
frozen up. That will mean a very
critical situation early next year”
BT ADRIAN HAMtLTON AND LORNE BARLING
THE Price Commission yesterday generally expected to follow sfift
gave the go-ahead for a general .an the near furure^
increase of Ip a gallon’, on the ..Cadbury- Schweppes' said 'that
price of petrol and between iff aa a result of the ConnaissieMtfh
and 2p a gallon on heating, and appnmU of - its price - increases,
gasoils. - "some jams would go up from
Permission for the rises- Was 14jp to IBp, jellies. frena lPip tb
given to Shell-Mex and. BP 'and Up and Bouruvita from:2lip to
Esso, the two largest oil market- 22tp for a haJf-poUud tin.: B&-
ing groups in the: country, gs . colts, would rise Jay ip‘ or- 2p.
well as Conoco, Burmah and .“The increased ipatertal ctBts
~"obiL ' 'V have been .p assed : oii -tUrecfliT to
At the same time the Cora- tbe consumer because w'e had
mission approved increases fet ho allenrative, Margihs m tlre
a range of Cadbury Schweppes -food busmess. jpe very Mrr^ ab"dl
food products which wUl rise by We don’t waat to go .out of busi-
an average of 2,8. pec, cent, ness." the company said.
courts.
gave them increases or up to Chin » Cla - V deaJ building
pay Order Page 25
Chrysler union row worsens
BY PETER CARTWRIGHT, MIDLANDS CORRESPONDENT
COVENTRY. Oct. 1.
Divergent
_ _ intprvipiv hp cave to the for tlifcir two^monlh strike for 3n , . , . m ■ nmvu •««
Daify Telegraph recently on his extra £250 a yea?. ■ X® of all UJy employees— because
which amount to one in three
the blame on them for the re- ^ electricians at the Linwood
thoughts about British youth, “We feel the only block put fu^i^the rompany to ply the "Z&FSt
The fact, he said, that the on ^tbe implementation of this ol was “ ^correct ” and
Government was contnbutmg wa ce settlement is the action of strongly denied i ?i ies * ^- oventr i^ ho<h« for
nearly £3Q0m. a year— approxi- -)ther unions In Chrysler” the Th | Results of to-day's talks
mately half the UN target— to statement by the Electrical and w jj| be referred to a meeting Jf ^
development aid “meant that Piarabinu Trades Union shop to _ toorrow of aU 2 50 Coventr? inds^ ^ d !? here ' Th ^ trUCe
young people, through the action -rewards bluntly declared. shop stewards which is expected e , ^ ° n tiketv thev
ofthe community as awbole.are .. We wouJd now expect . i n to be foUowed by a mass meet- come ^uta^iToextwekk and
prepared to see their standard , he ligbt of recent company ing of 10.000 workers on Wed- ;mDDqn? d ’ a z thev have
of living rise rather ImwW iatemlnts. a change in attitude nesday. - S g^bvAe Shw 7000
than it would otherwise have - lv tbeSe unions ” the statement Mr. Peter Griffiths. Chiysler’s becai ^ tewEmfS
done m order that the Third , ldded - industrial relatious director. Mr. hJ
World can have this a mourn of W lth these words, the hostility Roy Sanderson. EPTU national SfalacklS - P rnSnacemeST 1 d
help.” However, there was, he bat bas been building up executive officer, Mr. Maurice
implied, no general enthusiasm , e tween the EPTU and the other Crofts. Coventry area secretary. lhe
for doing more than that. 1 inions — mainly the transport and Mr. Goldstein were meeting ,aoour wm oegm.
It was pointed out that the
commercial considerations' - of
home producers arid consumers
have been so divergent that talks
between the two have been diffi-
cult until now.
With the DTI in the role of-
medlator. it is hoped that some
advance will be made, although
publishers cannot see any source
for the capital needed for Invest-
ment in new home machines
other than ‘ the Government
itself.
amounting to . Ip or 2p^ou pro- , Connnisslottilao proved
ducts such as. preserves, ^ehoco- ihcreasS-^Tb^ Rajd^Horis
late drinks and biscuits; - - w n n nilgn ;> SpiSeis *• Ereucfr
WAait Baking and ALUe^Bakeriesfor
Increases tiie connoisslon . has. food products arid somer animal
intervened to the extent.of ask-
ing the companies to delay ...I ‘V;: ; '
price rise on petrol Itself' ^ until
midnight tomorrow and
restrict the rise; to -lp a gaDon.
Burmah said last night ; that
petrol would go up 0^p from packmg
Thursday ' ■' • ' - materials ana^ labour. . > ;■ c -
The commission has- al so hut ! RH^ii^ea^^veraging S.4
back the level of orvendLprfee Pe*l cent m ; Bisto ^
rises applied for to an average maker ..are also- due ^to h^her
of between 0.587p «to 0.939p a costs on. raw materials - P»rtic^
gallon, with the exception pf £***'
Conoco, which is to be' aUowed ^^ Bake^ yil ricre^g the
to recover a rise. of -12ff?p s P™e df -fruit. majtltaf by J>er
gallon in the market under a Cent - '.• ••• .C: •
loss provision’ of ' the code. -On anhnal^ feeding^tuffs.
-An effecr of the' decisicm^to BOCM SlTcbi^ .was i'aUowed
allow -different price increases' to increases averaphk -£2L35 a too.
each' company -but. to • restrict and . Beech am' Aar^cnltoral Pro-
freedom on. petrol pricing has ducts £2 a^on: RHM Agriculture
been to introduce., 'almost /for .was aUowed £4 : 20 a foir and J.
the first time,, a sizeable varia- Bibby.: Agriculture,' ',£Ufer.": These
tion in ' scheduled prices T.of- increases are due to higher' costs
major industrial fuels between of. imported and bona e-prod need
brands. . . 1 ” ' ‘ ’* '
Shell-Mex and BP, which was
allowed a rise averaging just
under O.Bp a gallon, announced
raw materials;
Details Page-45'
valuers in
western ■ •
eiirope
Weather all
Green &Smrth
• -;-/;i*rn J
BUSifl
U Jv. TO-DAY
MOST PLACES will be
rather cloudy. 9i ,
London, S.E. England. E. J
Channel Is. « j *
Cloudy, mainly dry. Wiu i * * “
light or moderate. Ma
16IF>: ’
Cent S. and S-W. Enf.
■ . .Cloudy, bright or
intervals later. Wind
or moderate- Max. I6u 1
Midlands, £.. N.W- Ce«L.
N^. England, Hal« ^
Bright’ or sunny tn\
mainly dry- Wind vanablt ■
Max. ISC (59F).
L of Man, Border
Scotland, Glasgow, N. Ii
'.‘Bright or sunny in'
mainly dry. Winds v:
tight " Max. 14C (57F).
Edinburgh and E- ^ c
j Aberdeen, Moray Fi
.Cloudy, sunny intervals.
■N.W^- ligbt or moderate.
34C (57F).
Cfeiit-. Highlands. Argyll,
Scotland
Cloudy, mainly dry. P
hill iog. Wind S.W., ino
Max. 13C (55F).
'^Caithness, Orkney, Shei
Cloudy, mainlv dry. F
hitrfog. Wind W. mode
fteab. Max. 12C (54F).
’Outloofer Dry, sunny i
J&toer warmer. ;
Lighting- up: London
itbester 19.15. -Glasgow
19^9.
■* '
-••jrSV*
v.V ."41
ivri*»
BUSINESS CENTRES
*-n T
;i v- 1
rday I
mjdf-das I
‘C “K
AmstrCm- S 15 SP l Manchsir.
Atbens F 28 TSlWeBwum?
S 33 81 ‘Milan
S 33 Hi Montreal
C 13 aa . .Uoffi-OU-
S SI TojiUunich
S 1G fil -Neu i-asMo
F 11 j > : New York
S IS 51 1 Oslo
S 14 ST | Pars
S 30 6*' Pl'HS
S 19 Kk I priLiir
S "”l ST [ B-yki-tVi 1
A" 13 I Rio /}■• J’b
C 13 Si | Rom.-
Oftimhatai. P 13 5fl Sm-.-:tpare
Bdinb'rph F 15 59 , Siookhnliu
Frankfort C. 14 sr iS*rasl»nr4
C.mcv a F II 5i Svrtiwj-
CTIaapow U 11 S5 Tehran
He&tnkJ F 9 4S I T-.’l U r*
.Kook S 29 SI |Tokr«i
JoTmrs C 19 Gti i Tonr.iro
Idabint. s ]9 i‘# 1 Vi> mu
London S 11 S3 ' Warsaw
Lnxembre. C f 4s - znri--h
Madrid F 14 57 i
Bahrain
Beirut
Belfast
Belgrade .
Berlin
l^rmchm.
BVtjsscIs
Budapest
B Aires .
Cairo
Cardiff
Chhuok*
ACC Li
HOUDAY RESORTS
The users' committee said after' an immediate rise of O.T5p for
the meeting yesterday that it was
satisfied with the talks and hoped
they would lead to further dis-
cussions. Similarly,, the Minister
thought the talks “useful.”’
think." he added, “that those
who would like to see livinr
standards in this country reduced
by Government action in order tc.
do’ more to help the dcvelopinj
world would be a minority.”
Over-stated
There
tion
reduced
argument is concerned solely
’ with the question of whether
the nation should accept a
slightly less microscopic slowing
down "in the advance in its
living standards. Are we to
suppose that our people are so
greedy, to put it bluntly, so
lacking In compassion, that they
are prepared to see SOOm. people
continuing " to live in conditions
•nions — mainly the transport anq Mr. Goldstein were meetmg
vorkers and the engineering again to-night In yet another • Production resumed at Ford
'orkers — has broken into open attempt to find a solution. Motor's Dagenham, Essex, plant
'arfare. Cbrysler’s'dilemma is that the to-day when 2,000 workers
The statement was produced Pay Board has said it can pay returned after striking in
o quickly after the 3>-hour the £250. But it knows that if sympathy with a colleague
-necting of senior shop Stewards, it docs, it would immediately dismissed for disciplinary
leld to try to find a way out of attract counter-claims from the reasons.
.he strike deadlock, that it left millwrights, inspectors, body The man. Mr. Winston
!he other unions with the workers and others all seeking Williams, has been reinstated in
*4r. Woofie Goldstein. EPTU The other unions are agreeable the dispute have been recalled.
Libya tries for direct deals
BY RICHARD JOHNS
nf tmra less snualor and dented LIBYA IS pressing for a direct a deliberate attempt, to buy am* of its nationalisation terms
necessities of life" so supply agreement with the time and give an appearance of by a number of operators, in
2* STttJSe BtMtofi French and Wwl German respectability." in oil circles particular Occi’ * '
wUl rise a fiftictii faster than Governments in a bid to outflank it was consider^ unlikely that _ Yesterday it
Occidental.
»y it was announced
th . , wnnld dn otherwise’ I the Weste rn oil companies. Tripoli would wish to bring the that Vi. R. Grace, a minority
It is very difficult to believe! In an Interview with the Cairo t bis month. partner in one of Exxon’s con-
Dunlop
directors
By Kenneth Gooding .
THREE NEW nan-executive
directors have been appointed
to the Board of Dunlop, the
tyres and rubber group.
They are: Mr. Donal Carrol L
chairman of Lloyds and Bolsa
International Bank..- and a
director of Rothmans Inter-
national; Sir John Partridge,
chairman of the Imperial Group
and a former president of the
Confederal (oa of British Indus-
try; and Mr. Jeremy Lever, a
QC. j
STea and Matters Page 24
second grade kerosine (domestic
heating oil) and 1.25p a gallon
for gas, diesel oils and premium
kerostne.
Not changing
’ Esso, Mobil and Conoco, which
were allowed substantially mqre
thanr’Shdl, imrodiiced rises of
2p a gallon on diesel add gas
oils but only lp on kerosine,. on
the other band.
For heavy, fuel oil, E$so, SheUr
Mex ’and BP and .Conoco
announced increases of . 0 JLp i
gallon, but Mobil said it .was not
' changing Its prices. '.on .this
prodncL
How these increases will affeetl
the market ' remains- -. unelear*
although, because of the tight-
ness in supply .on • beating and
gas oils at present, few in "the
industry expect a. major shift lix
sales from one brand to another.
Other oil companies, such as
Texaco; have .yet to make
decision .on pricing, but are
that this is "so. And if the results newspaper A1 Ahram yesterday, J52I aQ f a§r ^ e "
r.t ntihiif nnininn exercises Mr. Abdesalam Jalloud. the P?. r cent - nationalisation _ is fnent on compensation for the
nmnixzrsk im 2hL l T a e ve f ^ m a e cce^T n the 5 22? J^SSr „ of * ,IU
conclusion, this is. I suspect, he would be discussing *lih T w - h ‘ c ^ operating
because the issues involved have President Pompidou later this u. t
vtnt hmin Kouarnlv nut — not tn I month in Paris “a plan UDder t*}Jde Exxon. Texaco. Standard In announcing the formation
which the transactions on oii ?'* °f . 1 Cal ' , “.“t Jf? 300 * Sbe11 nsa ‘i” committeos, Mr.
not been squarely put
sav misrepresented.
Was it 2 slip of the Prime } supplies
Miristerial tongue that made Mr. j directly
Heath speak of the majority ofl without
not to | month in Paris
Europe W made an * Allanti ' Rich ™ d
Mabrouk said that each would !
Continued from Page 1 : ~ \ -
Union leaders cool
managers and leaders are pre- of having their high-paid differen-
taring to make the best they can tials eroded— as Mr. John Boyd,
of the situation — edging the of the Engineers, explained. ,
i nions. - forward where’ possible’ Thia ’ ran- counter to'’ Mr
with the ultimate hope that the PremiceV view -that “Pm aD
iverail programme of a future right Jack”- attitades sbpold be
Labour - Government will- be S€ t aside with the need- being
sufficiently “Socialist" to attracL recognised for "strong groups fo
a • positive response from the our society to work on behalf -of
union. the weaker groups— and that
people OOt being willing to see panics acrvuix tue mmaic-muu. m«MB» s» u “H. U4IB **wu suhj Finnnpp til,,: ■~~ ~
m,"sks ats sTlS rsarsrs ^,-siassifii e-sss. - *
effort, when he knows perfectly WerteroTfl^omnanies ^omoTv Sardinia. ' ' S ! ^ the
»« •« * not wtal is SSfE si 1 STHK 3 S 3 E *> 2 SESJ£JKE 5 rasVffSE
because „,c a„U.id effoc, in this SS
on over-stating the sacrifice
.have to l °J companies resisting the takeover
Observe the U^ target— a modest) measure,
enough one, in all conscience.
clear how little is really involved
aS a7 0id hut which bis seconder,
operation in the work of. the next P*rty*; for w* on Gie croferonce.
Labour Government, be a centre* Making the first major speech
piece, n of a skeleton iii the cup- to the conference. ' Mr. Scanlon
board, in the coming campaign." stressed/ that. " we must pat
Talks wilL in fact, "continue company with the Government
between the Labour Party and wheu furiher wage restraint was
the TUG on broad incomes policy announced. . • • ,-v
Some of the interests pre- 1 issues,. They will, however,. con- .- -.ThTg m^ns^hit he wilj press.;
ously nationalised. Tncluaiag | cen irate more on items such as for an efi»efgency Trader ^Uniori
r ., .... . » _ . the banks, were offered, rorapen- nation to redistribute wealth Gox®re« and for the pdks to end
Trie Libya deadline expired* France (in a West Germany are caiinn nn t ho a I nc Uosiati ciitftMstaft tA.rhv -nnoA tW'^TfnL’
being asked? I put the question Uon decree announced by Libya ^n-includfog hankl7^.
Sf a monlb aso. They should be “g S^ U a nd Here Wi U- «ce companies, internal oil dis-
seen m the context of Tripoli s rhi!? tnbution companies, and even l
^ drive to market nationalised oil SSf* the Seventh Day AdvratS
In the face of le 5 al action by the 11 •' » h » Church in Benshari Aa ' eaus;
to earlier this >ear. He has been .
in Pans at least once this sum- UOHipensatlOn • j
Jv^t W ftit-Sl deliberate attempt SSStNSS «
Yday
mlri^tay •
- T !
AllKVia F 2.1 r-!h-,iihn| |
AJjflers C 19 «i i-I.-ri.-v t
BArcptona F 15 tn r.as puns. I
Biarritz '. F 12 55 'l/i.amn F
Blaricpool C 12 Si; >.t 1 1
Bonleam F 12 .M-'Xl.ilua
SbulBBOi' F II 55 ‘Cdirnlil f
Wnca. P 22 77 Xaph-i
Onop To S 20 *■» 1
Corfu S 21 T7| N-.-rwia i
Dubrovnik S 25 TJ'npnn,, »
Faro. ■ S f riR.irtUel >
FTorence R 51 7n -S.-i>7lrir; 1
Funchal C 2" B t-m t •.< -
OTbral'ar s 211 fts T-n.-rit* 1-'
Gucnucy F 14 57 'tiiiii.
Innsbruck r. « 4»i ; Val-’it. 13 1 V-,
Inverness F 16 fii 1 Vcm.v r
or Man c 1? yi 1
S—fiunnv F— Fair rw |..i„i v ).
Lang^-anue tonccasi: Paoc !
;'*\ r V
1 Is?:-: r.
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tji ir’
4
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iw; J
£Tj- k'i
xm
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rp'iti
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• r«
• a
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-and can be cashed at any timr ?,v -
Foresample, if you invest £25 000 •
. : ' '.;- ;yott could either draw *
•r - ii- • . lax-frec*" P - ®*
or jf tapital left to grow f or , say, 1 5 years
take
whit* c^d ^vcyoujn incom^of 0ver
So wh«her you have £5,000 0^500 nno
mvcSLpOST t^e coupon now.’or telcohS. 0 t0 u
. at any of our offices T ^
independent professional advice «rirh« ‘ 0l !
_ prohibition . *■ avice Without charge
I ’ - Tlwwowibxawof UVasKiUMl m the
. (twi.lnorarov hereatiiM. b.jt awieiao ' w
. To: B«vington'Lo wades .Ltd_5 West Haiti o
'-iS^iSS?.® 0 ^ 24-hour
Mnnches
# 1
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BriwpJ 41IBRWinbig|, 22j iSifan ? R ' nch « » * '
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Td. No. (Office),
Ttateof BWu___..._ W ifc-s D, re of |
^U.K. Croe tecoate £.— 4
Amomit Available for Invenm CDC c.
" ^««^edm=Ca pi -
BothQ
■.-rf--
be l ?° dlfficuItJ in he established (o consider the As it is. Libya now has fairly Chartered Bank, the British Bank
mobilising majority support for question of compensation. large' quantities of crude at its of the Middle Eastland the Royal
n bigger aid effort. This departure appears to be disposal as a result of the accept- Insurance group.
industries. It Also rejected a call later this month ta comment eh
for a national .minimum 1 wage, 'the Phase -Three Green Paper.,
partly because well-off groups of which M expected to he published [
workers would not pay the priced ip about a week’* time; *■ *"
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